AZ: Phoenix Foreclosure Rates Improve

Phoenix Arizona Real EstateA new report by Arizona State University says foreclosures accounted for 26% of existing-home sales in metropolitan Phoenix last month, marking the lowest such level since April 2009.

But the authors of the report by the university’s W.P. Carey School of Business say the improvement in the foreclosure figures doesn’t mean metro Phoenix’s housing market is now healthy.

They point out that consumer confidence is still inhibited and that many more foreclosures may be in the pipeline but haven’t yet surfaced.

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