The decline is at least partly the result of misgivings about homeownership, mortgages, lenders and the way foreclosures are carried out, he said.
"We keep getting hit with things like procedural errors in foreclosure . . . basically just enhancing people's disbelief in the system," said Butler, of ASU's W.P. Carey School of Business.
Maricopa County home-resale activity in October declined by about 24 percent compared with a year earlier, according to Butler's most recent monthly housing report, issued Monday.
There were 4,695 existing-home sales recorded in October, the report said, down from 6,140 sales in October 2009. Resale volume also decreased slightly from September, in which 4,895 sales were recorded in the county.
The median sale price in October for existing homes remained steady from the previous month at $135,000, according to the report. It was down just slightly from the median price of $140,000 in October 2009.
Join us on our
Share this page with your friends
on your favorite social network: