A new report from the W.P. Carey School of Business at Arizona State University shows that, in October, foreclosures made up 26 percent of the existing-home transactions in the market, the lowest level since April 2009.
"Though the local housing market is beginning to produce some positive movement, the surrounding economic environment and anemic growth are still inhibiting consumer confidence," says business professor emeritus Jay Butler. "Just because we're seeing a drop in foreclosures, that doesn't mean we have a healthy housing market. Other types of activity and purchases are not increasing, in order to push us forward."
Overall activity in the Phoenix-area housing market is also down. The market had just over 7,200 transactions in October, down from almost 8,000 transactions in September.
"Historically, it is not unusual for the local resale home market to slow down over the later months of a year," explains Butler.
Butler's full report can be viewed at wpcarey.asu.edu.