Metro Phoenix housing prices dip again
[Source: J. Craig Anderson, Arizona Republic] — Lenders’ pledges to be more aggressive about modifying delinquent mortgage loans did nothing to ease Maricopa County’s swelling foreclosure rate in October, according to the latest housing report from Arizona State University. Foreclosures on single-family homes increased from 3,655 in September to 3,745. Meanwhile, home resales followed a predictable pattern of seasonal decreases, dipping to 4,465 transactions in October from 4,625 sales the month before.
The city with the highest ratio of foreclosures to resales was Phoenix, where there were 65 more foreclosures than regular sales. The median resale price also fell slightly, to $175,000 in October from $180,000 in September. The median price is down 30% from $250,000 in October 2007.
| Home Resale | Median Price |
Foreclosures |
2007 Population | Foreclosures Per Capita | |
| Chandler | 250 | $241,200 | 1,335 | 246,399 | 0.542% |
| El Mirage | 85 | $101,925 | 100 | 26,431 | 0.378% |
| Surprise | 280 | $157,250 | 215 | 90,717 | 0.237% |
| Goodyear | 125 | $158,000 | 110 | 52,864 | 0.208% |
| Avondale | 160 | $142,250 | 160 | 79,798 | 0.201% |
| Peoria | 195 | $214,350 | 165 | 146,743 | 0.112% |
| Glendale | 315 | $154,650 | 275 | 253,152 | 0.109% |
| Phoenix | 1,270 | $121,950 | 1,335 | 1,552,259 | 0.086% |
| Mesa | 440 | $174,000 | 365 | 452,933 | 0.081% |
| Gilbert | 290 | $227,000 | 165 | 207,550 | 0.079% |
| Scottsdale | 265 | $441,500 | 155 | 235,677 | 0.066% |
| Tempe | 75 | $240,000 | 35 | 174,091 | 0.020% |
| Sun City | 40 | $190,000 | 5 | 39,000 | 0.013% |
| Maricopa Co. | 4,465 | $175,000 | 3,745 | 3,880,181 | 0.097% |
Color Key: East Valley (green), West Valley (yellow), Phoenix (orange)
Posted on November 20, 2008, in Affordable Housing, Finances, Governance, Neighborhoods, Population Trends and tagged ASU, Avondale, Chandler, El Mirage, Foreclosure, Gilbert, Glendale, Goodyear, home prices, J. Craig Anderson, Maricopa County, Mesa, mortgage crisis, Peoria, Phoenix, Scottsdale, Sun City, Surprise, Tempe. Bookmark the permalink. Leave a comment.
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