Phoenix Resale Transactions Jump in February

Foreclosure activity makes up bulk of resale transactions in greater Phoenix area

MESA, Ariz. - February 2009 resale activity experienced an upsurge of 8,510 resale homes recorded sold, while there were 6,960 recorded sales in January and 4,675 sales for a year ago. However, foreclosure activity in February 2009 represented 51 percent (4,295 transactions), while there were 4,215 traditional market transactions.

Foreclosure transactions represent home owners losing their property to successful individual bidders or the lender of record. For February 2008, there were 1,985 sales in foreclosure or 42 percent on the month’s recordings.

For February 2009, foreclosure activity differed throughout the Valley such as 48 percent in Surprise, 51 percent in Glendale and 40 percent in Scottsdale. Even in response to hiatus and mortgage modification programs, foreclosure activity did not slow.

Phoenix Real Estate