From the Phoenix Business Journal today:
“Two-thirds of the homes sold last month were either new foreclosures or resales recent foreclosures, according to the September Realty Studies report from the W. P. Carey School of Business at Arizona State University.”
“Although the level of activity appears strong, the market is being driven by either homes being foreclosed or being sold back into the market by the lender,” said associate professor of real estate and report author Jay Butler.”
Phoenix foreclosures are not going away. They will continue to affect the value of your home.
“About 6,100 Phoenix-area resales and 2,900 foreclosures were recorded in September compared with about 6,000 resales and 3,100 foreclosures in August. In September 2008, however, the market recorded only about 4,600 resales and 3,650 foreclosures.
Declining prices, especially in the lower end of the market, have piqued investor and homeowner interest, Butler said. The median single-family home price in September was $140,000, up from $138,000 in August, but below $180,000 in September 2008.”
Keller Williams Arizona Realty