REALTY STUDIES - November 2009 - RESALE HOME MARKET

Resale housing activity in November followed the historical trend of lower activity as the year ends with 8,335 recorded transactions in contrast to 9,955 sales for October 2009. However, it was well above last year’s 6,465 transactions. Much as it has been for the last few years, foreclosure activity is the dominate force in the resale market. For November, recorded foreclosures stood at 2,985 transaction or 36 percent of the total market. This is a decrease from the 38 percent of October 2009 and the 48 percent of a year ago. For November 2009, foreclosure activity as percentage of the total resale market differed throughout the Valley such as 40 percent in Glendale, 29 percent in Chandler and 43 percent in Avondale. Another significant component of the market was the sale of previously foreclosed property, which accounted for approximately 41 percent of the traditional transactions (5,350 sales). Thus, foreclosure–related activity represented 61 percent of the recorded activity.

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