The most recent Realty Studies report from the W. P. Carey School of Business at Arizona State University offers sobering news. In 2009 there were a record number of foreclosures in the Greater Phoenix area -- about 41,000 single-family homes. That means that about 35 percent of existing-home transactions were foreclosures.
In December a whopping 67% of the activity in the Valley housing market consisted of foreclosures and the resales of previously foreclosed-on properties. The number of foreclosures in the condominium/townhouse market is also up over 2008. In December 2009, about 600 condos and townhomes were placed in foreclosure; the previous December had less than half that number at 285 condo/townhome foreclosures.
On the brighter side, more than 5,700 Valley homes were resold in December, as compared to 4,300 resales in December 2008.
Check the median home prices in our communities for the last quarter of 2009 compared with the previous year.
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