Phoenix Foreclosures Are Sticking Around

The W.P. Carey School of Business at ASU recently reported that in January and February 2011, foreclosure sales in the Phoenix area shot up to 43% of all transactions that occurred in those months. That rise is up from 30% in the final months of 2010. Out of 8,500 single-family home resale transactions in February, more than 3,600 were foreclosures.

The median price for a single-family home in Phoenix, as reported by ASU, was $127,500. That's up from $125,000 in January but way down from last February's $140,000.

At Schern Richardson Finter Decker , as a real estate law firm in the Phoenix area, we are happy to consult those facing difficult decisions with their real property.