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Phoenix, Arizona: October Home Resales Crash 24% From Year Ago

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.

1 Comments in Response to

Comment by Ned The Head
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A freakishly dramatic figure. Gotta be down to foreclosuregate and banks keeping properties off market. More "shadow inventory". Notice how there's no discussion of.....what do we call it now? daylight inventory?

Interesting how this plays into the "extend and pretend" idea still gripping the banksters balls. It's become amusing. I know this music. For now it's a shell game but all the sudden it's gonna turn into musical chairs. Musical chairs on the deck on the Titanic? Yes, even as Titanic and cataclysmic as the dreaded mixed-metaphore.

Well it doesn't matter what else markets do, these property values are coming DOWN because nobody underwater or awaiting an eviction that's been stayed or withheld has any pride of ownership anymore. The whole Valley is gonna look like CRAP-OLA in a couple short years. Once the textured stucco wears off the styrafoam that covers your houses, they will start to disintegrate and you'll have artificial snow blowing year round. Your prefab tinsel-toy ain't worth shit. Never was.

Anybody having second thoughts about locating a modern city in the middle of the Sonoran desert?

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