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ASU: Phoenix-area foreclosures spike in January

A new report from Arizona State University shows that foreclosures spiked in the Phoenix area in January to more than 40 percent of all home sales.

Wednesday’s monthly report from ASU real estate studies professor Jay Butler shows that the percentage of foreclosure sales went from about 30 percent in the last months of 2010 to 43 percent last month. Of the 8,300 homes sold in January, more than 3,600 were foreclosures.

Butler says it is unclear if the surge is a continuation of a market dominated by foreclosures or if the end of a bank repossession moratorium caused the jump.

More than 4 percent of all homes in metropolitan Phoenix were lost to foreclosure last year.

The median price for a non-foreclosed home remained at $125,000 last month.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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