Short sales are slow to go through in metro Phoenix, but more are being approved by lenders. And that means fewer foreclosures. There are 7,981 short sales under contract or waiting lender approval in metro Phoenix, according to real estate analyst Mike Orr's Cromford Report.
The current level of short sales is comparable to the number of pre-foreclosures being filed each month. The current level of short sales is big compared to January when when there were 1,164 pending in the Phoenix area.
Phoenix real estate agent Brett Barry says his team had been working on a short sale for a more than a year and it just fell through. He said it was not only frustrating but disheartening for the homeowner who did everything right.
It's taking longer than expected but lenders are starting to approve more Valley short sales. In January the success rate of short sales listed on the Arizona Regional Multiple Listing Service was 16 percent, according to Orr's Cromford Report. Now, the success rate is 44 percent.