As a percentage, foreclosures were down in all of Arizona for the first quarter according to the Phoenix Business Journal. However, behind Nevada and California, we still rank 3rd.
The online foreclosure marketplace reported that:
- of the 117,307 foreclosures, 50% accounted for all home sales in the first quarter of 2010
- this number was down 17% from the last quarter of 2009
- it was also down 33% from the first quarter of 2009
On the national level, 31% of all home sales in the first quarter were foreclosure sales. The average sales price of properties sold while in some stage of foreclosure were 17% below the average price of other sales.
The averages prices of foreclosed homes:
- In Arizona during the first quarter was $138,021 representing a 25% discount
- Nationally, the average price was $171, 971
- In Ohio, Kentucky, and Illinois the discount rate was the highest rate of all, posted at 39%
A few weeks ago, Arizona State University released research on the Phoenix housing market that suggested prices in the area were likely to remain stable for an extended period of time. This week, reports are showing how areas in Phoenix are seeing a rise in home sales, but the price of housing is not rising along with it, following suit with ASU’s findings.
“Based on index values from last year and current conditions in the housing market, it is likely that small increases in house prices will continue for only a few months, followed by an extended period of relatively flat prices,” says Professor Karl Guntermann, the Fred E. Taylor Professor of Real Estate, who authored the new report with Research Associate Adam Nowak.
Last month’s report also showed a year-over-year increase in home values nationwide in April. This continued into May, but seems to have tapered off with the expiration of the tax credit, and it is uncertain how numbers will begin to fare in the coming months.
