The Arizona Republic - July 2008
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 just 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's Polytechnic campus. In May, the split was 2,895 foreclosed homes and 4,315 resale transactions, the report says. June 2007 saw 575 foreclosures and 4,570 resales.
June is usually a strong month for home sales, so it's not surprising that it has been the best month so far this year for home resales.
The year-to-date total for 2008 is 21,060 resales and 14,590 foreclosures, according to Butler's report. That number is slightly less than the 16,647 foreclosures The Arizona Republic's own data analysts reported recently.
