ASU: Home foreclosure sales declining

New research from Arizona State University shows foreclosures as a share of overall Valley home sales are declining. The latest ASU Realty Studies report from the W.P. Carey School of Business says the number of foreclosures dropped from 40 percent of the market’s recorded activity in March to 33 percent in May. Despite the decline, there is no guarantee the trend will continue. “Defaults and late payments are still at record levels and could be a precursor of additional foreclosures,” said Jay Butler, associate professor of real estate and author of the report. “The main issues center on whether income will increase enough for people to hold on to their current homes, and whether they can maintain payments on their houses.”

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