What specifically happened last month/quarter in this market?
A total of 6,960 resale homes sold in Maricopa County in January, down 6.3% from December but still 65.5% higher than in January 2008. Of the homes sold, 48% were foreclosures (up from 42% in December). Comparatively, in January 2008, 43% of homes resold were foreclosures.
The relatively high number of foreclosures – and the ever-weaker economy ¬– continued to put downward pressure on prices, which fell 8.0% (the same as December’s decline). The median price of $135,335 is 39.9% lower than the median price in January 2008.
Foreclosed homes represented a good deal for buyers across the Valley – particularly in Tempe and Chandler, where the median price of a foreclosed home was 20% and 16% less than the price of a traditionally-sold home, respectively.
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