Last week, I reported on recent data of foreclosures in the Phoenix real estate market. If you remember, April foreclosures were down 2 percent nationally (year-over-year). This was the first annual decrease in five years.
Well, data released today reported that foreclosures in the Phoenix-area resale-housing market are continuing to decline. The latest Realty Studies report from ASU cites the number of foreclosures as decreasing from 40 percent of the market’s recorded activity in March to 33 percent in May.
But will it continue?
It’s hard to say.
More than 3,200 single-family homes in the Phoenix area were foreclosed on during May of this year. That’s down from almost 3,500 foreclosures in April, but up from just over 3,000 in May of last year.
It still remains an up-and-down market. And the market remains confusing for even those of us who study it daily. The full report, including statistics, charts and a breakdown by different areas of the Valley, can be viewed at http://wpcarey.asu.edu/realestate/Phoenix-Resale-Market-Reports.cfm
If you are considering foreclosing your home or in purchasing a bank-owned property, please contact me. I can help you navigate these confusing real estate waters.
Also, read one of my blogs from earlier this week regarding buying a foreclosed home. And contact me if you want any of your questions answered here or privately via e-mail. I’m here to help.
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