For the first time since the spring of 2009, the Phoenix-area foreclosure rate has dropped below 30 percent of the existing-home transactions in the market. A new report from the W. P. Carey School of Business at Arizona State University confirms five months in a row of foreclosure-rate declines.
The Phoenix area has been hit especially hard by the impact of foreclosures. In January and February, foreclosures represented 43 percent of the existing-home transactions in the market.
The median price for a single-family home resold in the market in July (not new foreclosures) was $124,900. That's down from $126,500 in June and $137,500 last July.
Butler's full report, including statistics, charts and a breakdown by different areas of the Valley, can be viewed at http://wpcarey.asu.edu/finance/real-estate/upload/Press-Release-July2011-resale-homes.pdf. More analysis is also available from Knowledge@W. P. Carey, the business school's online resource and newsletter, at http://knowledge.wpcarey.asu.edu.