Phoenix Foreclosures Reached Record High in 2009
Phoenix foreclosures reached record high in 2009 as job losses forced more homeowners to default. About 41,000 home foreclosures and more than 5,000 condo foreclosures were posted in the area in 2009.
Phoenix foreclosures reached record high in 2009 as unemployment forced about 41,000 homeowners in Maricopa County to default and lose their homes, according to the Arizona State University W.P. Carey School of Business.
Total home foreclosures in 2009 surpassed foreclosures in 2008, which reached 34,960. Condo foreclosures also increased in 2009, with more than 5,000 units foreclosed.
According to ASU real estate professor Jay Butler, who tracks foreclosures using county foreclosure records, said that over 35 percent of sales of existing homes in the county in 2009 were foreclosure sales. He added that the percentage was an extremely high figure.
By Cassiano Travareli