Distressed homes in metro-Phoenix are those nearing foreclosure, or already foreclosed and being sold by the financial institution. The former are referred to as “Short Sales”, the latter as “REO” – real estate owned (by the bank). There were a lot of distressed homes sold in metro-Phoenix for several years starting in 2008. In recent years, the volume has been miniscule. Monthly Short Sales typically total about a dozen and REO sales about three dozen.
metro-Phoenix Homes – Distressed
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