Phoenix real estate: Eye of the storm?

May 10, 2011

The traditional spring resale season is in full swing in the Phoenix market, with 10,265 homes recorded sold in April. That's about 900 fewer than March, but level with April 2010. Foreclosures, including the sales of previously foreclosed homes, were a whopping 62 percent of total transactions in April. The numbers paint a cloudy picture of a market still suffering from the aftershocks of the real estate collapse, but the image shifts depending on which component you examine. Jay Butler, associate professor of real estate at the W. P. Carey School, talked with Knowledge@W. P. Carey about value -- a different element than price -- and what that large number of foreclosed homeowners mean for the future of the Phoenix market. (9:48)