Foreclosures climbed in metropolitan Phoenix during August. Home sales fell, and so did prices. But pre-foreclosures fell as well, potentially signaling a drop in foreclosures in the coming months.
A rundown of the numbers from Information Market's latest research:
• Last month, 4,831 Phoenix-area homes were foreclosed on or taken back by lenders through trustee sales. That compares with 4,651 foreclosures in July.
• Existing-home sales in the Phoenix area dipped to 6,120 in August compared with 6,442 in July.
• The median price of an existing Valley house fell to $123,900 from $129,000.
• Pre-foreclosures, or notices of trustee sales, fell to 7,186 in August from 7,894 in July.
The drops in home prices and sales, as well as the rise in foreclosures, have many real-estate analysts concerned about a double dip for Phoenix's housing market. Home prices will have to fall below $119,900 to hit a new post-boom low.
Short-sale blues
Realty Executives Chairman Rich Rector put the woes of many homeowners to music, singing his song "Short-Sale Foreclosure Blues" at one of his brokerage's recent meetings. Excerpts:
"Bought at the top in 2005.
Life was great, beginning to thrive.
Then, whoa, things took a major dive.
Got those short-sale, foreclosure, repo blues.
Behind on my payments, Market done tanked.
Prices have fallen, zilch in the bank.
Went to my lender and drew a blank.
Got those short-sale, foreclosure, repo blues.
If I could have, I would have paid.
If I could have, I would have stayed.
I've been Fannie'd and Freddie'd and FHA'd.
I've been Chased, Wells Fargo'd and BofA'd.
I've got those underwater, upside-down, short-sale, foreclosure blues.
by Catherine Reagor The Arizona Republic September 8, 2010
Housing market for Valley had rough Aug.
