Foreclosures account for 42 percent of Maricopa County (AZ) resales

[marmar]

from the PHX Business Journal:



Foreclosures account for 42 percent of Maricopa County resales
Phoenix Business Journal - by Adam Kress


Home foreclosures are mounting in Maricopa County and account for a growing percentage of total home sales.

Arizona State University Realty Studies reports 8,165 recorded sales of existing homes in July. Foreclosure activity represented 42 percent, or 3,470 of those transactions, while there were 4,695 traditional sales.

In July of last year, there were 660 foreclosure sales and 4,080 traditional sales. That equates to about 14 percent of total sales from foreclosures.

Year-to-date there have been 25,755 traditional sales with foreclosures accounting for 18,060, or 41 percent of the transactions.

The rate of foreclosure activity differs throughout the Phoenix area. Forty-one percent of sales in Surprise were foreclosures, as opposed to just 13 percent in Tempe and 22 percent in Scottsdale.

Among traditional resales, the median price was $200,750, while the foreclosed properties fetched only $159,205. A year ago, the median prices were $270,000 and $220,075, respectively.


http://www.bizjournals.com/phoenix/stories/2008/08/18/daily34.html?ana=from_rss

[enid602]

1. sold

Glad I sold my house in Phoenix back in April. Am taking 6 mos off in Buenos Aires until everything settles down a bit.