For only the second time this year, the monthly foreclosure rate has gone up in the Valley. According to a new report from the W.P. Carey School of Business at Arizona State University, foreclosures made up 29 percent of the existing-home transactions in the market in November. That's an increase from 26 percent in October, but it wasn't unexpected, according to the author.
"Nothing like this goes down smoothly," said business professor emeritus Jay Butler. "The foreclosure rate's movement is more of a cha-cha-cha, with a few steps forward and couple of steps back. Most people thought 2011 would be a better year for the housing market than it was, but it's a good transition year."
Valley foreclosures started the year as 43 percent of existing-home market transactions in January. Overall, Butler anticipates that foreclosures will continue to drop in 2012.
The Phoenix area had about 2,100 foreclosures in November, up from 1,900 in October, but almost identical to the number from November 2010. Overall housing-market activity remained about the same in October (about 7,200 transactions) and November (about 7,100 transactions). More analysis is available from knowWPCarey, the business school's online resource and newsletter, at http://knowwpcarey.com.
fez posted at 11:24 am on Tue, Dec 13, 2011.
C'mon, didn't this group tell us just a few months ago that the foreclosures were winding down? FYI: until taxes are CUT, Federal spending is CUT, and honesty is returned to Washington so that JOBS ARE CREATED IN THE PRIVATE SECTOR, the level of homeownership is going to remain down and foreclosures are going to continue to rise.
dustbowl11 posted at 12:07 pm on Tue, Dec 13, 2011.
Fez,
What do any of those three things you mentioned have to do with job creation? Show me historical evidence of jobs being created after tax cuts. Bush cut taxes and we went into recession. Clinton raised taxes and we had a boom and a balanced budget. Honesty in Washington will never exist until corporate lobbyists stop writing legislation.
DrJCA1 posted at 5:17 pm on Tue, Dec 13, 2011.
Anyone want to explain why bribery in DC is legal? When I offer a person with influence money to do something I want, it's called bribery. When the slime in Washington do it, it's called lobbying. I must be dopey as I cannot see the difference.
Steve7 posted at 6:17 pm on Tue, Dec 13, 2011.
Is anyone...ANYONE...capable of writing a story on the local housing market without putting a ridiculously positive spin on it, i.e. making it seem much healthier than it actually is? How about some objectivity for a change? the feigned optimism and excuses are getting tedious.