Foreclosure share up, numbers down

Arizona State University’s monthly foreclosure report presents a mixed bag of information. Foreclosures made up 43 percent of existing home sales across the Valley, up from the 30 percent range during the spring. However, the actual number of foreclosures is down to 3,900 in July compared with 4,200 in July 2009. Market activity is slowing, but that’s to be expected given that August normally signals the end of the yearly buying cycle, the report said. As such the number of sales is down dramatically from June when there were 6,900 resales compared with 5,100 resales in July. There were 7,300 resales in July 2009. Jay Butler, who authors the report through the W.P. Carey School of Business, said, “If you’re not selling an inexpensive entry-level home, it can be tough to sell in this market. People who normally might be looking for a move-up home may be satisfied to stay in their current house given the economy.”

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