Cheap Houses For Sale Amid Foreclosures In Phoenix

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Potential homebuyers looking for cheap houses for sale flocked to Phoenix, Arizona and helped increase sales of single-family houses from the third quarter of 2008 to January 2009. Foreclosure homes accounted for 66 percent of the total cheap houses for sale in the city since last year.

According to real estate information provider, MDA DataQuick, this trend contributed to the decline of the average sale price of houses in Phoenix to its lowest level since spring 2002.

In the metropolitan areas of Maricopa and Pinal counties, 5,423 resold and new cheap houses for sale were reported in January of this year. The figures represented a 19.8 percent decline from December of last year, but showed a 2.7 percent increase from January of the previous year.

MDA DataQuick monitors the nationwide trends in the real estate market thru public property records. Arizona is one of the top 10 states in the country with high number of foreclosure properties, totaling 5,250 as of January 2009.

Furthermore, the 52 percent annual rise in resale of single-family homes in Phoenix in January was enough to compensate for the year-over-year decline in sales of condominiums and new home constructions. Sales of condominiums and new homes declined by 27 percent and 60 percent, respectively

Additionally, sales of new homes were at their lowest point in January 2009 for almost 11 years now.

Meanwhile, the average price paid for new and resale houses sold in Phoenix and surrounding areas last month was pegged at $141,480. The average price was the lowest paid for cheap houses for sale since May 2002 which posted $141,430.

The January average cheap houses for sale price declined by 8.1 percent from Decembers $154,000 and dropped by 37.1 percent from $225,000 of January the previous year. Also, last months median price was reduced by 46.4 percent compared to its peak of $264,100 average price in June 2006.

On the other hand, the average price paid for every square foot for foreclosure homes declined to $72 last month, reflecting a drop of 47.6 percent from the previous year and 57.9 percent from a peak of $171 per square foot in June 2006.

Data showed that 66.2 percent of houses and condominiums that were resold in Phoenix were foreclosed at some point for the past 12 months.


About the Author:
Joseph Smith has been educating buyers on the finer points of Cheap Houses for Sale purchase at BankForeclosuresSale.com for over five years. Click here to visit and read more advice on finding foreclosure homes.



Article Originally Published On: http://www.articlesnatch.com


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