Investors looking to snap up foreclosure homes in Maricopa County found fewer properties on the market in September, triggering a slowdown in sales for the month, according to a new report from Arizona State University.
Prices squeaked up a bit from August but have fallen significantly in the past year.
Many buyers since the start of the housing decline in 2007 have been investors, not owners who want to move up to a better property.
The general economy remains weak, so traditional homebuyers were unable to take up the slack and stabilize the market in September as foreclosures slowed, said Jay Butler, a professor emeritus at the ASU business school.
"The general idea was that, as foreclosures came down, the market would strengthen with traditional owner-occupant buyers using lower interest rates and the improving economy, and this would transition the market back to normal," he said. "That's not happening."
The September median price for traditional resales, which don't include foreclosures, was $125,000, up from $120,000 in August, but down from $135,000 in September 2010.
Butler said it's likely the median price moved up only because all the bargain-basement properties have sold already and not because values are rising.
"Prices are going up simply because we are running out of the really cheap stuff," he said.
September recorded 7,940 existing-home sales, including foreclosure sales, down from 9,250 in August and 9,005 in September 2010.
The number of foreclosures dropped to 2,295 in September from 2,860 in August. In September 2010, foreclosures in the county totaled 4,110.
"Most people thought we would be in much better shape now than we are," Butler said. "It's not necessarily the housing market. It is the surrounding economy not generating income, growth and the positive news that people want to make a long-term commitment to (buying) homes."
Foreclosures in the townhouse/condo market declined to 325 in September from 555 in September 2010. The median price was $76,700, up from $75,000 in September 2010.
by Ryan Randazzo The Arizona Republic Oct. 12, 2011 04:35 PM
Report: Fewer foreclosures slowed Sept. resales in Maricopa County
Reuters: Business News
National Commercial Real Estate News From CoStar Group
Latest stock market news from Wall Street - CNNMoney.com
- ► 2017 (81)
- ► 2016 (145)
- ► 2015 (146)
- ► 2014 (102)
- ► 2013 (395)
- ► 2012 (392)
- Reagor: Revised program targets underwater homeown...
- Economists warn housing prices will lose more grou...
- Pending home sales fell 4.6% in Sept.
- Scottsdale condo prices up nearly 5% as foreclosur...
- $1.6 billion Prasada project stays on track in Sur...
- Judge approves Chapter 11 for Realty Executives
- Economy picked up over summer
- Scottsdale approves 2nd plan for apartments near a...
- New-home sales up 5.7%, builders slash prices
- Sarkozy Turns to Hu for China Aid as Europe Expand...
- Greece to get 100 bil euros in more rescue loans
- Home prices up in half of major US cities
- Banks score higher in satisfaction survey
- Ad blasts Romney housing comment
- Arizona underwater homeowners to get refinance hel...
- Phoenix homes, part of segregated past, demolished...
- Debt crisis plan is not yet ready
- Massive West Valley development to launch
- Europe's big banks under pressure in crisis
- Developer lays out ideas for dude ranch in Scottsd...
- Combs: Seller isn't absolved in 'as is' sale
- Realtors decry potential loss of mortgage deductio...
- Wall Street Has Worst Quarter Since Crisis in Bank...
- Arizona unemployment rate down in September
- Scottsdale council OKs first plan for apartments n...
- Scottsdale Waterfront rides wave in low tide
- Citigroup to pay $285 mil to settle SEC fraud char...
- Chase's CEO backs a bright outlook
- Origination News - NAR: Lower GSE Loan Limits Alre...
- Perspective: Problem with Housing 2011
- Office-space rent prices decline in Valley
- The new normal: Higher bank fees are here to stay
- Think before switching banks
- Fed: Crisis alters central-bank focus
- Middle-class homeownership dream may be slipping a...
- World population nearing 7 billion
- Mortgage fraud plea involves 40-plus homes
- TDI proposes 667 apartment units for One Scottsdal...
- Phoenix seeks to cancel $97.4 million pact with Ci...
- Myths, misperceptions about credit scores rampant
- EU exec, France want voluntary bank deal on Greece...
- Report: Fewer foreclosures slowed Sept. resales in...
- Fed minutes: 2 policy makers saw need for bolder s...
- Scottsdale Airport Commission rejects apartment pr...
- FDIC backs ban on banks trading for own profit
- Interest in Scottsdale McDowell Corridor redevelop...
- Census numbers detail Arizona's housing bust
- China investment arm buys bank shares to support m...
- Scottsdale entrepreneur thinks inside the box
- European Central Bank offers banks new emergency l...
- Germany, France devise bank plan
- Moody's sees Volcker rule as credit negative for b...
- Windows of time
- Scottsdale-area home prices edge up in 3 areas
- Phoenix-area home prices remain too cheap
- Phoenix-area real estate collapse echoed troubles
- Phoenix-area home price changes vary greatly
- Realty group opens office in Scottsdale
- Gold drops 1 percent after Italy, Spain downgraded...
- Work to start on renovating retail center
- Rush is on to build 3,500 apartments in Scottsdale...
- Mixed-use project coming to Arcadia
- Interest in Scottsdale McDowell Corridor redevelop...
- Maricopa County tops list for home vacancies
- Census: Housing bust worst since Depression
- Phoenix-area bankruptcy filings continue to drop, ...
- Recent data on housing show things looking up
- CBRE Investors pays $53.5 mil for operations hub
- Proposal to shape access to Sonoran Desert
- Sales up 20% at Scottsdale's Windgate Ranch
- Home prices up for 4th month
- Seattle investors buy W. Phoenix apartments
- Ex-leaders of Radical Bunny face SEC grilling
- Arizona trying new ways to assist homeowners
- Moving to downtown Phoenix has saved couple lots o...
- Reagor: Few details on plan for refinancing
- Rental housing becoming less affordable
- Fulton Homes to open 3 new subdivisions | Central ...
- Cross collateralization can trip up borrowers
- IMF vows to tackle Europe debt troubles
- Scottsdale Airpark multifamily housing plans advan...
- Developer leaves Glendale, Scottsdale picking up p...
- Fed plan, fear push 10-year yield to record low, b...
- Seized lands to be placed on auction block
- IMF downgrades its outlook for U.S., Europe
- Agency encourages short sales by offering money
- Doubting value of owning a home
- ▼ October (87)