Final Phoenix-area foreclosure numbers for 2011 - Ahwatukee Foothills News: Money

Final Phoenix-area foreclosure numbers for 2011

Print
Font Size:
Default font size
Larger font size

Posted: Wednesday, January 25, 2012 10:00 am | Updated: 7:25 am, Fri May 11, 2012.

A new report from the W. P. Carey School of Business at Arizona State University shows, despite some positive momentum, 2011's overall totals failed to show a big improvement from the numbers in 2010.

Total transactions: In 2011, the Phoenix area had 106,850 transactions in the existing-home market. That's slightly down from 106,975 transactions in 2010.

Total foreclosures: During 2011, the area had 35,855 foreclosures, not considered to be a huge decrease from 41,625 in 2010.

Rate of foreclosures: The amount of foreclosures as a percentage of overall transactions in 2011 was about 34 percent. That's down from 39 percent in 2010 (to put this in perspective, in a typical year, foreclosures represent less than 5 percent of the total transactions).

Median home price: The median price for a single-family home resold in the Phoenix area in 2011 was $125,000. That's down from $138,000 in 2010.

Median townhome price: The median price for a townhouse/condominium resold in 2011 was $79,000, also down from $88,000 in 2010.

Throughout 2011, the market did experience a significant drop-off in the amount of monthly foreclosures as a percentage of transactions. In January of 2011, that rate was 43 percent, but it dropped all the way down to just under 29 percent in December.

All told, about 3 percent of all single-family existing homes in Maricopa County underwent foreclosures in 2011. More than 14 percent of all single-family homes in Maricopa County have been foreclosed on since 2008. Still, Butler emphasizes that many households are simply riding through this.

Butler's final 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-December-2011-resale-homes.doc.

  • Discuss

Attorney General Forum - Question 2

Attorney General candidates Republican Mark Brnovich and Democrat Felecia Rotellini debate at ...

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Print Edition Online

Most Popular

Online poll

Loading…