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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.

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