Foreclosures are dropping nationwide

Foreclosure filings -- including notices of default, scheduled auctions and bank repossessions -- during the first quarter fell 23% from a year earlier, the lowest level since the second quarter of 2007.   Last month, banks repossessed just under 44,000 homes. In September 2010, repossessions topped 100,000 a month.

Foreclosures down nationwide

The number of U.S. homes repossessed by lenders last month fell to the lowest level in more than five years, the latest evidence that the nation’s foreclosure crisis is abating amid an improving housing market.

While some states still saw increases in homes taken back by banks, nationally homes repossessions fell 3 percent in March from the previous month and were down 21 percent from a year earlier, foreclosure listing firm RealtyTrac Inc. said Thursday.

Get more information on properties in Metro Phoenix

Bidding wars are back

Just when we thought the real estate market was leveling out and we might be getting back to something that feels like a "normal" market, the bidding wars are back. 

There are so many investors and non-investors trying to buy a home, many listings are getting multiple offers the first day on the market.  This allows the seller to ask if you want to raise your bid or take the chance of loosing out. 

I've seen this happen everywhere from the Urban properties to the suburbs.  It can be great for the seller but many buyers are getting frustrated. 

I suggest you take your time and don't get emotional.  That's when you can tend to over pay for a property.  Just relax and consider what the property is worth to you and let the chips fall where they may. 

New Listing at Fontenelle Lofts

This is a great listing and sure to fit the taste of many Urban Dwellers.  Check out Fontenelle Lofts at 3rd Ave and Roosevelt.  This building was built in the 1930's and restored in 2004.  This unit is all new in '04 and located above the garages and contains many of the features of a true loft.  There are 2 bedrooms and 1 bath and the whole unit has a lot of windows with high and exposed ceilings.  This unit has a 1 car garage and a 1 car covered space. 

Accross the street is the Gold Spot shopping corner with Lux Coffee and Pita Jungle.

See the full listing here.  Then contact me at Chris@RooPhoRealty.com or 602-224-0554 to see the property.

More information on Urban Real Estate is at www.AZNativeProperties.com