Phoenix News: Phoenix Rising Rate Of Foreclosure Homes Fall
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Despite the fact that the number of sales continues to rise in the Phoenix area, the percentage drop in sales of locking.
Arizona State University Department of Realty 9980 reported home resales in May, slightly different from 9100 in April. In May last year, 7210 of existing homes were sold.
Foreclosure in May, or 30 percent of all transactions, compared with the recent peak of 51 per cent in February.
“Historically, May is one of the strongest months in the resale home season is generally August, that before,” said Jay Butler, director of Realty Studies in the Morrison School of Management and the Agribusiness at ASU. “The rest of the season sales and the median price increases, so that some improvements in the local housing market is not unexpected.”
Although mortgage rates crept higher in recent weeks, prices are still unattractive. However, the prolonged recession and a weak labor market may affect the continued growth of sales.
“It is increasingly confident that housing problems are starting to calm down, and below, with the possibility of recovery in sight,” said Butler.
In the traditional market the median price in May was $ 130,000, over 42 percent from $ 224,000 a year ago. Properties of the project were the median price of $ 150.090. This equates to about $ 25,000 a year ago.