Phoenix home resale market update

According to Realty Studies Report from the W. P. Carey School of Business authored by Dr. Jay Butler, associate professor of real estate , The Phoenix resale home market rebounded slightly in February, according to the Compared to January, the number of transactions increased and prices were up a bit. Still, foreclosures accounted for 42 percent of the total market, and the sale of previously foreclosed properties made up 40 percent of the traditional sale segment. Meantime, market watchers are wondering what will happen when the many Adjustable Rate Mortgages (ARMs) reset this year and next. In the report, Dr. Butler explains that prices are not necessarily going up or anything, but they are not in a freefall either; in prominent home buying areas like Gilbert and Chandler, foreclosure activity as a share of the market is still very high, over 40 percent, but the absolute number is beginning to decline.