Phoenix Foreclosed Homes Comprised 66 Percent of Market

Phoenix foreclosed homes accounted for 66 percent of housing market activity in October, according to a study by Jay Butler, real estate professor at the Arizona State University W.P. Carey Business School.

Butler said that foreclosure actions on 3,815 houses in October represented 38 percent of Phoenix’s overall housing market and that about 45 percent of total home sales in October involved units that had been foreclosed before being sold and resold. He explained that the two percentages meant that foreclosure activity in Phoenix was 66 percent of the overall housing market in October.

Butler also explained that the 45-percent share of foreclosures in total home sales in October was actually slightly less than the share of foreclosure sales in September, but total foreclosure actions in October were higher than those in September. Half of all foreclosure sales sold at about 19 percent below market prices.

By Cassiano Travareli