Tuesday, July 22, 2008

Phoenix foreclosures spreading

The Arizona Republic is catching up with reality:
Foreclosures across metro Phoenix number 16,647 for the first half of the year compared with 9,966 during all of 2007 and 1,070 in 2006.
"It has become more of an equity problem than a subprime problem," said Tom Ruff, a real-estate analyst with Information Market.
Notice of trustee sales, or pre-foreclosures, also continue to climb. There were 35,111 pre-foreclosures filed in Maricopa County through July. That compares with 30,166 for all of 2007.
The article also notes that the median resale price for a home in Phoenix is now $210,000, down 30% from the peak in 2006.

More people are speculating about reaching a bottom. That would be nice, but we've still not seen a peak on preforeclosures, which set another record in June (6929, vs. 6416 in May). For comparison, the total sales volume in June was 5748 (and 5656 in May), according to the Arizona Realtor's Association. (These stats via Einzige, thanks!)

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