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Distressed Properties in Nation's Hardest Hit Housing Markets Selling Faster Than Last Year

EMERYVILLE, CA--(MARKET WIRE)--Apr 23, 2009 -- Phoenix and five nearby cities -- Scottsdale, Mesa, Chandler, Gilbert and Glendale -- along with three cities in Florida -- Naples, Orlando and Fort Lauderdale -- and the Las Vegas suburb of Summerlin, were the hottest cities in the U.S. for home buyers in Q1 of 2009, according to the number of home searches on the online real estate brokerage site, ZipRealty (NasdaqGM:ZIPR - News) (www.ZipRealty.com).

Also, according to ZipRealty's Q1 "Home Hunters Report" released today, distressed properties (foreclosures and short sales) in five of the country's most affected housing markets -- Phoenix, Ft. Myers/Naples, Fla., Las Vegas, Southern California, and Sacramento, Calif., -- are spending on average 20 percent fewer days on the market in Q1 2009 compared to Q1 2008.

"Banks have sped up the process for getting foreclosed homes on the market, and continue to lower prices to sell them," said Leslie Tyler, vice president and chief home hunter for ZipRealty. "The drop in days on market versus last year highlights that distressed properties in these hard hit markets are starting to move, which is a hopeful sign."

"In markets where prices have fallen the most, such as many California cities, Phoenix and Las Vegas, we continue to see strong buyer interest," said Tyler. "The market is being driven right now by first time buyers and investors because of the affordability in these areas." complete story

Posted by Orlando Realty Experts on April 26th, 2009 2:25 PMPost a Comment (0)
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