Phoenix Metro May 2008 Home Resale Numbers Including Foreclosure Sales.
June 21st, 2008 categories: Market Trends, Phoenix real estate
ASU Polytechnic has put out their May 2008 Greater Phoenix data. This data is derived from different sources, then the Phoenix resale numbers we presented at Phoenix Market Trends for May, which come from the ARMLS (Arizona Regional Multiple Listing Service).
ASU data separates regular sales from foreclosed sales.
In May 2008, 5,740 home sold, these are resale homes. A total of 1,475 homes out of the total were foreclosed transaction. This represents 25% of all home sold. Contrast this with 2007 when 5.8% of the homes sold were foreclosed sales in Maricopa County.
In Phoenix the total homes sold were 1,420 with a break down of 940 “traditional sales” and 480 foreclosed sales, or 34% were foreclosure sales. That’s quite a lot of homes.
(Graph is from ASU Realty Studies)
Compare the above numbers to 2007, when a total of 1,405 homes sold in May but only 6% were foreclosed sales (85). In most cities the amount of foreclosed sales increased with cities like Tempe, Scottsdale and Sun City with the lowest percentage of foreclosed sales to normal sales and cities like Avondale, Phoenix, Glendale and several others with the most.
While sales were about equal to those last year, Jay Butler states, “However, in a weak economy, many households now will not have the needed income to save their homes, even with a new mortgage payment plan.”
Indeed, the economy seems to be slowing down and inflation on the increase and the dollar is weak, not to mention the price of gasoline and food, all of which is having a direct effect on the turnover of money and the less money turns over the worse everyone will be off.
Despite the difficult road ahead there is no reason not to buy a home or invest in real estate, quite the contrary. If a buyer or investor has the resources and availability of financing this may be the period, which may be now and for the next few quarters, purchase properties that will provide a good return and possibly a very good return in the long run.
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