Arizona Foreclosure Listings Drive Home Sales In The State

Latest data from the National Association of Realtors show that Arizona has topped the list of states with high home sales. This is not surprising as most of those houses sold are foreclosed, disposed to the market at significantly lower costs. The most practical and reasonable home buyers and investors will certainly not resist the opportunities to buy foreclosed homes at just about $32,000 to $50,000. Indeed, Arizona foreclosure listings are successful in rolling out and selling repossessed houses in the state.

Not surprisingly, home values and prices of homes in Arizona are dropping drastically. That is because the median of home prices is including prices of foreclosures, which usually are about 20% to 60% off. Particularly affected are home prices in Phoenix, where prices for foreclosures are further declining. Prices are also starting to ease at Arizona City.

Data from RealtyTrac for October 2008 indicate that Arizona retains its No. 2 position in the list of states with the highest number of foreclosed homes. Arizona is trailing behind Nevada, but is above Florida and California, two other states directly hit by the housing downturn and the global economic crisis. As unemployment rises and consumer spending further declines, more households in Arizona are forecast to undergo defaults in mortgages and go to foreclosures.

For some time, Arizona foreclosure listings will surely remain flooded with different houses up for sale across the state. Homebuyers will have a continuous spree, as prices remain attractive. Foreclosed homeowners will weep behind and instead opt to rent homes on temporary basis. Homeowners who are considering selling their properties are set to hold on to their assets a little longer. The situation is set to prevail until the housing and economic environments recover.

By: Joseph Smith

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Joseph Smith has been educating buyers on the finer points of Arizona foreclosure listings purchase at ArizonaForeclosureListings.com for over four years. Click here to visit and read more advice on finding Phoenix foreclosure listings and foreclosures in other Arizona cities.