Monday, September 12, 2011

Phoenix area sees jump in single-family foreclosure rate

The Phoenix area's single-family home foreclosure rate jumped last month, with 31% of existing-home sales classified as foreclosures, according to a new report from the W.P. Carey School of Business at Arizona State .
A month earlier in July, the single-family foreclosure rate in greater Phoenix held steady at 29%. Prior to hitting 29% in July, the foreclosure rate hovered at 43% in January and February, falling all the way down to 29% in July and then ticking back up again last month.
"The uptick in foreclosure activity was not entirely unexpected since we’ve seen a pattern of upward movement in this rate in the latter months of a year over the last few years," said the report's author Jay Butler, a professor emeritus at the W.P. Carey School of Business at Arizona State University. "The weak economy and income growth are probably leading to more people giving up on their homes."
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