Here are some more positive signs
from metropolitan Phoenix's housing market, which may
not be recovering but doesn't appear to be deteriorating any
Home sales climbed again in June
to reach 9,614, according to the Information Market/Cromford
Report survey. That's an 11 percent increase from May's home
sales. June is the sixth straight month home sales have
climbed in the Valley.
The median Valley resale-home
price also climbed in June, the first monthly price increase
since late 2007. Last month, the median ticked up to
$125,000 from $122,000 in May.
Foreclosures also climbed in June
after dropping off for a few months. There were 5,149
trustee sales or foreclosures in the Valley, compared with
3,809 in May.
Pre-foreclosures, or notice of
trustee sales, continue to hover around 8,700.
But, so far, the additional
foreclosures aren't creating an oversupply problem for the
Mike Orr, publisher of the
Cromford Report, said the number of lender-owned
properties listed for sale in the Arizona Regional multiple
listing service fell to
5,150 in June from 5,475 in May.
"So, the supply was huge, but the
demand was even greater," Orr said about Valley .
Also, the average price per
square foot of foreclosures sold by lenders during June
climbed to $65.64 in June from $63.77 in May.
First-time home buyers trying to
purchase Valley foreclosure houses through a federal program
should now find it easier.
In April, Arizona received $121
million in Neighborhood Stabilization funds from the U.S.
Department of Housing and Urban Development. But for people
to receive the funds to help them buy foreclosures, the
federal agency was requiring lenders to discount their
foreclosure properties 15 percent off the appraised value.
That was a major sticking point
for many lenders, particularly in the Valley where investors
are willing to pay cash and the full-appraisal price.
So, HUD recently changed to 1
percent the discount required by lenders.
The Arizona Housing Department
recently launched its Neighborhood Stabilization program for
home buyers to purchase foreclosure properties in Maricopa
and Pima counties.
Qualifying buyers can receive up
to 22 percent of the purchase price on certain foreclosure
The state agency reports more
than 20 families are in the process of purchasing a
foreclosure home through its Neighborhood Stabilization