The Valley as a whole ended the traditional home resale season on a low note as foreclosures and depressed home values continued to dominate the landscape, but parts of the Southeast Valley in July bucked that trend.
Valleywide, foreclosures represented 42 percent of the resale market in July. That compares to 14 percent in July 2007. Overall in the Southeast Valley, traditional sales eclipsed foreclosure sales, and the median price on traditional resales topped the median price on foreclosures.
Mesa: 315 foreclosures, $160,000 median price; 485 traditional sales, $179,000 median price.
Chandler: 120 foreclosures, $198,405 median price; 320 traditional sales, $239,750 median price.
Tempe: 15 foreclosures, $213,560 median price; 100 traditional sales, $248,500 median price.
Gilbert: 170 foreclosures, $231,000 median price; 345 traditional sales, $240,000 median price.
Ahwatukee: 15 foreclosures, $238,925 median price; 100 traditional sales, $295,000 median price.
Some parts of the Southeast Valley have seen a more stable market than others in outlying areas like the city of Maricopa and Queen Creek. In cities closer to the urban center like Tempe or Chandler, homes tend to be more expensive and therefore less attractive to investors, said Jay Butler, director of Realty Studies at Arizona State University's Morrison School of Management and Agribusiness at Polytechnic in Mesa.
"The East Valley is not immune but is doing better than other areas," Butler said. "It's more stable, and the university provides some stability too."
Butler said one of the groups hurt most by the current real estate crunch is homeowners who are struggling to make their mortgage payments and maintain their properties while homeowners around them rent their houses or let banks foreclosure on their loans.
"There's a lot of frustration out there right now," Butler said.
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