Dip in foreclosures is small comfort

August 11, 2011

Activity in the Phoenix real estate market dropped between June and July, during the summer season when sales are usually up. The reason is that foreclosure-related activity fell once again – dropping below 30 percent for the first time since 2009. W. P. Carey School of Business Professor Emeritus Jay Butler, who has been watching Phoenix resale data for more than 30 years, says there’s small comfort in that number. Until economic conditions improve, consumer confidence will remain low, and the market will be slow to return to what used to be a normal dynamic. (9:03)