Home foreclosures drop again in Phoenix area

A new Arizona State University report shows Phoenix-area home foreclosure activity dropped for the fourth month in a row in June.

The monthly report from ASU real estate studies professor Jay Butler shows the percentage of existing home sales that were foreclosures dropped to 31 percent last month. Foreclosures have been dropping steadily since the 43 percent recorded in January and February.

About 10,500 existing homes were sold in June, and about 3,300 were foreclosures. More than 3,500 homes were lost to foreclosure in May and 3,800 in April.

Butler says despite the good news, the housing market is recovering at a glacial pace and some conditions remain uncertain.

The median sales price for a non-foreclosed home rose to $126,500 in June from $125,000 in May.