Foreclosures account for 42 percent of June resales in Maricopa County
Phoenix
| |
June's 7,845 home resales in
Foreclosed transactions involved home owners losing their properties to individual bidders or the lender of record.
In May the split was 40-60, and in June 2007 foreclosures accounted for only 11 percent of the county's resales, according to the Arizona State University Realty Studies report.
Historically, June is a strong month and the 4,565 traditional sales represent the best month so far this year, the report said.
The median price for traditional resales in the county was $218,000 in June, while the foreclosed properties had a median price of $169,890. That compares with prices of $265,000 and $225,900 in June 2007, respectively.
Investors are back, ASU says, driven by anticipation that home prices will rise again in the next few years. Factors pushing down median prices include the large number of vacant homes and the fact that capital is available for lower-priced housing, but lacking in the higher priced bracket.
------------------------------------------------------------
TedHardenTeam.com
Ted Harden-Associate Broker
Office 480-907-6503 Toll Free 800-809-2540 ext 0
No comments:
Post a Comment