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Foreclosures account for 47 percent of Valley home sales in October
Arizona Foreclosure News
Article Abstract: While foreclosure in Arizona may be increasing at a slower rate, the percentage of foreclosures sold is increasing. According to reports almost half of all resale homes were comprised of foreclosures. This rate was up from September 2008 when 44% of all resale homes were AZ foreclosures. For the full Maricopa County foreclosure article, continue reading:
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Foreclosures are representing a growing percentage of all the homes sold in Maricopa County.
According to the Realty Studies Department at Arizona State University, there were 8,210 resale homes recorded as sold in October and 47 percent of them were foreclosure sales. There were 3,745 foreclosure sales and 4,465 traditional market transactions.
Foreclosed transactions represent homeowners losing their property to successful individual bidders or the lender of record.
In September 2008, foreclosures made up 44 percent of all transactions, and that number was just 29 percent in October of last year. The 2008 year-to-date total is 39,055 traditional sales and 28,755 foreclosures (43 percent).
The high rate of foreclosure sales is pushing down home values across the Valley. For the traditional sales market, the median price of resale homes in Maricopa County was $175,000 in October, while foreclosed properties had a median price of $159,775. One year ago, the median prices were $250,000 and $218,225, respectively.
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