Scottsdale/Phoenix Arizona home Resales jump in February
Phoenix/Scottsdale-area home resales jump in February, mostly because of foreclosures
The Phoenix area recorded 8,510 home resales in February, a surge from 6,960 in January and 4,675 in February 2008.
Foreclosure sales represented 4,295 of the February transactions (51 percent), compared with 1,985 sales (42 percent) a year earlier.
Foreclosure percentages for February differed across the Valley, with 48 percent in Surprise, 51 percent in Glendale and 40 percent in Scottsdale.
“Due to the time it takes to record transactions, some slowing might still be evident in the next few months,” said Jay Butler, director of Realty Studies at Arizona State University.
Declining prices have piqued the interest of potential investors and owner-occupants, especially those in lower income ranges. In the traditional resale market, the median home price in February was $133,000, while foreclosed properties had a median price of $164,470. Those figures were $230,000 and $193,440, respectively, in February 2008.
More high-end homes went through foreclosure sales in February 2009, including nearly 20 for more than $1 million (eight in January). Also, 7 percent of the foreclosure sales in February were in the $300,000 range (4 percent in January).
http://www.bizjournals.com/phoenix/stories/2009/03/09/daily74.html
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