Scottsdale, AZ (PRWEB) June 20, 2006
According to daily foreclosure data provider Tim Rocho, NOTS (notice of trust sales that starts the official foreclosure process) filings increased from 624 in April to 745 in May, the number of Auction (foreclosed) properties increased from a historic low of 35 to 55 and cancellations of pre-foreclosures decreased from 701 to 690 turning the tide of consistent declines to increase outstanding pre-foreclosures from 2243 to 2272.
“I certainly wouldn’t call this a steep reversal in the market but it does signal that the number of foreclosures are about to increase. According to the Mortgage Bankers Association delinquency survey, Arizona had about the lowest rate of serious mortgage delinquencies of any place in the US. We have a robust economy with rising employment. The weather and lifestyle continues to attract thousands of new residents every month, but with average house prices above $300,000, MLS inventory around 40,000 and interest rates topping 6.5%, the market is beginning to level off and defaults will follow, ” Tim says.
“Real estate investors that are hunting bargains in this market should be looking to deal with property owners before they enter the “legal filing” stage of the default process. I call this Phase 1 of the Foreclosure Process.”
To help educate investors about foreclosure properties, Tim has written a 3 part series on the Foreclosure Process, and the first part of the series was published in the summer issue of Creative Real Estate Lifestyles Magazine. The cover story features Robert and Kim Kiyosaki (of Rich Dad Poor Dad fame). See PDF attached to this release.
“Over the past three years there has been a frenzy of “Fix and Flip” investors who were making a lot of money with little or no knowledge. I believe were entering a market where the committed, knowledgeable investors will be able to make money, but because appreciation has slowed (about 3% last quarter) you won’t be able to “just buy anything” and turn a profit. There’s still a lot of money to be made, but you’ll have to do your research and buy right.”
Real Estate Fortune sends it’s subscribers’ daily emails with data on all of the activity that happened in the foreclosure market that day. Their research partner, The Information Market, has well over a decade of experience in the property data business and has a staff of people researching sales, cancellation, new filings and trustee information every day.
For Sharkbait software users, the foreclosure data is formatted to directly import into the program and Real Estate Fortune also has sales comparable (comp) data for monthly import into Sharkbait.
Subscription information can be found at http://www.refortune.com/data_subscriptions.php
For more Information, Contact:
Real Estate Fortune, llc
7702 E Doubletree Ranch Rd
Scottsdale AZ 85258