There is some truth in alot of these answers. It is true its taking 1 month to 2 months for a property to go through the process until it can be released for sale. Also due to Government regulations banks are being forced to take longer to foreclose as they are trying to do modifications/ workout programs etc. However Glendale/ Peoria is a much more stable area than some areas in the east and west valley which have seen an enormous amount of foreclosures. There is a lot of really good bank owned deals in this area of Glendale/ Peoria but they do go very fast usually with multiple offers. If you are looking to buy in this area we specialze in the Glendale area and currently have 7 prelisted properties that we would be happy to work with you on. Once they get listed they are as good as gone, as they are typically 30-40% below FMV. Please feel free to contact one of my team members at 623 414 3388

If there is anything else we can help you with you can also E-mail us at KWREPro@cox.net

It's a myth that banks are holding back properties. The fact is, it can take a couple weeks to a month to list the home for sale once it's foreclosed.

Daniel Reynolds, Realtor®
Broker Executives, Inc

http://evmls.com
480-297-2008
daniel@brokerexecutives.com
Broker Executives, Inc

Hello Howard,

Like Donald said, No One Really Knows, we can guess (but we're not in the guessing business) or tell you what we have heard, which you most likely have heard it also.

What I can tell you is; if you find a home you want in your price range, don't wait make an offer to purchase and hopefully it will be accepted.

Phyllis JC Anderson, GRI
Liberty One Realty
602-316-0115

Howard, the truth is no one really knows.
There are some ideas why:
1) They are holding inventory, releasing it slowly and steady in order to keep prices in check.
2) They are renting the foreclosed homes and will sell them when values rise.
3) They are approving more loan modifications and short sales therefore there are less foreclosed homes.
4) Unless people absolutely have to sell, they are not, therefore inventory levels are low.

I hope this helps.

** GLENDALE AZ FORECLOSURES **
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http://www.GlendaleAZForeclosures.com

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I have heard that this is because they are hoping to let values recover some so they aren't dropping so many on the market all at once. They are just trickling them in to the market and they are trying to keep the values closer to Actual Market value. I sell these properties but I am not a REO Lister.

Hi Howard,

It takes several months for a home to go through the foreclosure process and banks are now streamlining and going more toward the short sale option. This keeps people in the homes to take care of them and saves them thousands on doing the actual foreclosure. If you've been one of the many buyers avoiding short sales, you may want to rethink this.

I also suggest you work with an agent that has training in the short sale process, this will make it much easier and safer for you in the long run.

Susan Ellis, MSSC, CNE
Mira Vista Properties