June resales rise - so do foreclosures
The Arizona Republic
Renewed investor interest in low-priced properties helped make June the best month so far this year for Valley home-resale activity, but foreclosures were almost as prevalent, according to the latest report from Arizona State University's realty studies department.
ASU reported Wednesday that Valley home resales hit 4,565 in June, up slightly from May and almost exactly the same as in June 2007.
Foreclosures, however, were way up from the previous June - 3,275 this year compared with 575 in 2007, according to the latest report from Jay Butler, director of realty studies at the Morrison School of Management and Agribusiness at ASU.
In May, the split was 2,895 foreclosed homes and 4,315 resale transactions, the report said. June 2007 saw 575 foreclosures and 4,570 resales. June is usually strong for home sales, so it's not surprising that it has been the best month this year for resales.
The year-to-date total for 2008 is 21,060 resales and 14,590 foreclosures, according to Butler's report. That number is less than the 16,647 foreclosures The Republic's data analysts reported recently.
Source: http://www.azcentral.com/arizonarepublic/business/articles/2008/07/25/20080725biz-resales0725.html
