67 % of the Activity in the Valley Housing Market Consisted of Foreclosures and the Resale of Previously Foreclosed-on Properties
January 19, 2010
In December 2009 alone, more than 4,000 Valley homes were foreclosed on, up from just under 3,000 in November. Last month, 67 percent of the activity in the Valley housing market consisted of foreclosures and the resale of previously foreclosed-on properties a report from the W.P. Carey School of Business at Arizona State University stated.
A total of 163,210 Arizona properties received a foreclosure-related notice in 2009, up nearly 40 percent from the previous year and 323 percent higher than in 2007, according to RealtyTrac
“In the long term a massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond as lenders gradually work their way through the backlog.”
http://www.eastvalleytribune.com/story/149461
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