Just like its summertime temperatures, the housing market in Phoenix is extremely hot right now! In fact, Phoenix was the best-performing metro in the country in September, with prices showing an increase of 35% when compared to the same month in 2011.
And, it’s not just in one part of town either! According to the Arizona Republic’s Valley Homes Values report, 75% of the city’s ZIP codes saw home values climb during the first nine months of 2012. What’s the reason for the increase? Economists say it’s because of a decrease in foreclosure re-sales.
In 2011, 50% of all home sales in Phoenix were foreclosed property re-sales by lenders. Since banks are only trying to get back some of the money they lost on the defaulted loan, these homes usually sell for much lower prices. This year, though, foreclosures have only accounted for 13% of home sales around Phoenix. With fewer inexpensive foreclosure re-sales, the median price of homes in the region has been able to go up.
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