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Phoenix-area foreclosures return to normal levels

Foreclosures in the Phoenix metropolitan area housing market have returned to normal levels while the median price for single-family homes continues to increase.

That’s according to a new report from the W.P. Carey School of Business at Arizona State University.

It says foreclosures triggered by the housing crisis on single-family homes and townhome/condos in May were down 53 percent from May 2012.

The median price for a single-family home in the Phoenix metro area rose to $185,000 in May.

That’s a 26 percent increase over the median price of $147,000 in May 2012.

The report also says there continues to be a chronic shortage of homes for sale in the Phoenix metro area and it could last for years.

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 This material may not be published, broadcast, rewritten, or redistributed.

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