Foreclosure rate stays high, possible return to negative trend


March 10, 2011

More bad news for the Phoenix-area housing market. A new report from the W. P. Carey School of Business at Arizona State University shows the possible return to a negative trend.

In the final months of 2010, foreclosures had gone down to represent only 30 percent of the transactions in the single-family home resale market. However, in January, that rate shot up to 43 percent, and the new report reveals it was about 43 percent again in February. Download Full Image

“We’ve all been watching to see if the foreclosure rate in late 2010 would carry over into this year, but unfortunately, the good news hasn’t come yet,” says associate professor of Real Estate Jay Butler, who wrote the report. “January 2011 showed a reemergence of troubled times, which continued through February.”

Butler explains the year 2010 ended with an unusual set of circumstances, including foreclosure moratoriums, legal challenges to the foreclosure process, and weak economic and job recovery.

“The fundamental uncertainty now is whether the initial months of 2011 represent just a short-term response as the pipeline unclogs after the foreclosure moratoriums or if it’s a continuation of a market being dominated by foreclosures,” says Butler.

Out of more than 8,500 single-family home resale transactions in February, more than 3,600 were foreclosures. In addition, when you look at the rest of the transactions, 40-percent of those were the resales of previously foreclosed-on properties.

“Thus, foreclosure-related activity represented a total of 66 percent of the market transactions in February,” explains Butler.

The median price for single-family homes resold (not newly foreclosed) in the Phoenix area in February was $127,500. That’s up from $125,000 in January, but way down from last February’s $140,000.

In the townhouse/condominium market, 580 foreclosures happened in February. The median price of a townhome/condo resold (not newly foreclosed) in February was $75,000. That’s way down from $95,000 last February.

Butler’s full report, including statistics, charts and a breakdown by different areas of the Valley, can be viewed at http://wpcarey.asu.edu/realestate/Phoenix-Resale-Market-Reports.cfm">http://wpcarey.asu.edu/realestate/Phoenix-Resale-Market-Reports.cfm">htt.... More analysis is also available from Knowledge@W. P. Carey, the business school’s online resource and newsletter, at http://knowledge.wpcarey.asu.edu.">http://knowledge.wpcarey.asu.edu">http://knowledge.wpcarey.asu.edu.

'SOLS Takes a Hike' partners with Audubon Center


March 10, 2011

Every April, graduate students and scientists from the Arizona State University School of Life Sciences (SOLS) lead a series of guided tours in a nature area or preserve in the Phoenix metro area. This year, on Saturday, April 2, SOLS Takes a Hike will be hosted by the Nina Mason Pulliam Rio Salado Audubon Center at 3131 South Central Avenue, Phoenix, Ariz. 85040

Hike organizers James Elser, an ecosystems biologist, Pierre Deviche, a birding expert, and Susanne Neuer, an oceanographer, will just be three of more than a dozen ecologists, geologists and field biologists who will talk and give tours. There will also be displays, microscopes and other family-friendly activities.  Download Full Image

Community partnership is at the heart of why ‘SOLS Takes a Hike’ was developed - to bring people together, to offer an exchange around what makes this region special and unique and how to foster the plant and animal life right in our backyards,” said Margaret Coulombe, a spokeswoman for ASU’s School of Life Sciences.

This event is free and open to the public. Bring water and wear good walking shoes. Access to the Audubon Center is included.

For more information about the hike, contact Margaret Coulombe, Margaret.coulombe">mailto:Margaret.coulombe@asu.edu">Margaret.coulombe@asu.edu or (480) 727-8934.

In addition to hosting SOLS Takes A Hike on April 2, the center will offer their annual Migration Celebration nature festival on April 9, from 9 a.m. to 3 p.m. For more information on these events and a map to the Audubon Center: http://riosalado.audubon.org/

School">http://riosalado.audubon.org/">http://riosalado.audubon.org/

S... of Life Sciences is a division of the College of Liberal Arts and Sciences on the Tempe campus of Arizona State University. To learn more: http://sols.asu.edu">http://sols.asu.edu">http://sols.asu.edu

Margaret Coulombe

Director, Executive Communications, Office of the University Provost

480-965-8045