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Uncertainty for Phoenix real estate market

Foreclosure activity continues to dominate the Phoenix-area real estate market.

Foreclosure activity continues to dominate the Phoenix-area real estate market.

Recent news from the W.P. Carey School of Business at Arizona State University has shown that foreclosure activity has tightened its grip around the neck of the downward moving Phoenix-area housing market.

The statistics show 65 percent of the existing-home transactions in October were foreclosures or the resales of previously foreclosed-on properties. Associate professor of real estate Jay Butler, who authored the real estate report, says, “We’re seeing even more uncertainty in the marketplace than a month ago, including more distrust surrounding the foreclosure process.” He noted the road to recovery is more difficult due to foreclosure moratoriums as well as weak economic and job growth elevating the uncertainty of the market’s future.

The report indicated that foreclosures accounted for 42 percent of the resale housing-market transaction in October, the lowest percentage since June. However, Butler does not view these numbers as a sign of improvement but rather part of a seasonal trend.

Around 4,700 homes were resold in the area in October, which is a down from about 4,900 in September, showing that fewer families were moving in recent weeks.

According to the National Association of Realtors, the median existing single-family home price in the Western region dipped 0.4 percent to $224,800 in the third quarter from a year ago.