What's the reason for this? The answer looks like: consumers are buying more foreclosure-type properties in the Phoenix area. A you can see, the total "sold" in June was 5,731. Of those properties, 2,174 were listed as foreclosure-type properties. You can also see the percentage of foreclosure-type properties has steadily increased over the last year -- to the point that 37.9% of all properties sold in the Phoenix area were classified as foreclosures.*
Statistics from the Arizona Regional Multiple Listing Service 7/1/2008
* MLS has 3 categories that Realtors can use: "Court Approval Required", "Lender/Corp Approval Required", and 'Lender Owned Property." This is not a perfect system for determining the number of foreclosure related sales, as corporate relocations are classified in the second category and divorce-forced sales can be in the first. Additionally, we must assume that the Realtor who input the listing did it correctly. However, for the purposes of trending, this information can be useful.
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