Phoenix real estate: Foreclosures again the biggest piece of the pie

September 14, 2011

Good news and bad news from the Phoenix real estate market this month. In August, the absolute number of foreclosures was down compared to a year ago – that’s the good news. But the percentage of the market represented by foreclosures is up -- that's the bad news. W. P. Carey Professor Emeritus Jay Butler explains that even though there were fewer foreclosures in August, there were also fewer traditional sales. And median price is down -- the result of investors snapping up foreclosed properties at low prices. Another twist: Butler reports that ads for investment seminars are starting to appear, leading to speculation that amateurs are in the market once more. Here’s his take on the August numbers.

-- Photo credit Flickr, creative commons, respres’ photostream