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Bank Owned Properties in Phoenix Made up 36 Percent of Sales

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By : Allana Castro    99 or more times read
Sales of bank owned properties in Phoenix stepped up in June this year, as foreclosure sales comprised nearly 36 percent of all sales of pre-owned homes in the metro area, based on a report from real estate researchers at the Arizona State University. This percentage marked an increase from the May share of 33 percent, although it marked a drop from 40 percent in June 2009.

A total of 3,835 bank owned foreclosures in Greater Phoenix were sold in June, a jump of 18.73 percent from 3,230 units sold in May and accounted for 35.77 percent of the 10,720 pre-owned units sold in June. The total of home resales in June marked an improvement of 10.97 percent from 9,660 units in May, but marked a decline of 9.3 percent from 11,820 in June last year.

The sales price median for all bank owned properties in Phoenix sold in June was $143,000, down by 0.69 percent from the May median of $144,000, but up by 6.72 percent from the June 2009 median of $134,000.

Among the Phoenix-area cities with the most number of foreclosure units sold in June aside from Phoenix were Mesa, Glendale, Surprise and Chandler. The city with the highest sales price median in June was Scottsdale, which posted $390,000, while the city with the lowest median was El Mirage, which posted $75,090.

Meanwhile, the median price for condos sold in June was $94,600, down by 11.59 percent from $107,000 in June 2009. Again, Scottsdale posted the highest median price at $144,900, while Glendale posted the lowest price median at $40,075.

In May, the number of Arizona bank owned homes climbed up by 12.1 percent to 6,112 units after decreasing by 20.63 percent in April.

As Phoenix foreclosures contributed to the substantial share of foreclosure sales statewide in the first quarter, bank owned properties in Phoenix in the second quarter also contributed substantially to the share of foreclosure sales during the quarter.

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