ASU: Phoenix Area Resale Home Market Report for May 2011
The ASU W.P. Carey School of Business – Division of Real Estate recently released the Resale Home Market report for May 2011. The report addressed how foreclosure sale activity declined from 43 percent of the market in January 2011 to 35 percent in May 2011. Median prices and variance in different cities within this massive market were also discussed.  Unfortunately, the report does not seem to convey the full magnitude of the foreclosure storm on the horizon, as it stated:
Although the number of foreclosure prefilings has been declining for the last several months, this trend is not unusual in the early part of the year with a typical pickup over the next few months. While any decline is positive, fundamental uncertainty remains as to whether the downward trend will continue to where foreclosures cease to be the dominate force in the market.
Learn more about looming foreclosures on the horizon from our April post titled, “Where are the foreclosure sales?” and check out the Calculated Risk article and chart below for the Percent of Homeowners with Mortgage Negative Equity by State.
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