Housing prices declined on residential resale real estate in the greater Phoenix Area.

Phoenix Real Estate

In October 2008, a total of 8,210 resale homes recorded as sold. Foreclosure activity represented 47 percent (3,745 transactions) and 4,465 traditional market transactions.

Continued weakness depends on the ability of people to remain employed or get back to work quickly.

Foreclosure activity differs throughout the Valley such as 43 percent in Surprise, 32 percent in Tempe and 50 percent in Avondale. Over the next few months, recorded foreclosure activity could decline because of the response to various mortgage modification programs offered by lenders and government agencies to assist troubled homeowners, according to Jay Butler, director of Realty Studies in the Morrison School of Management and Agribusiness at Arizona State University Polytechnic.

“The local housing market will continue to be vexed well into the next year by eroding consumer confidence, brought on by a weak economy, possible job losses and tighter mortgage underwriting guidelines.”

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