Foreclosure sales in Arizona accounted for about a third of all home purchases in the state during the third quarter, according to a report released Thursday by RealtyTrac.
“Arizona had the third highest percentage of all sales that were foreclosure sales,” said Daren Blomquist, Vice President of RealtyTrac. “Georgia was at number one, California was at number two.”
Thirty-four percent of all residential sales were from foreclosed properties. Blomquist said it’s taking a long time for the market to absorb all of the homes that went into foreclosure during the housing crisis.
“Especially in Phoenix where we’ve seen the high foreclosure numbers for a long time now, it seems like, ‘Can’t we be done with this already?'”
One bright spot in RealtyTrac’s report is the average price of a foreclosed property in Arizona is up 17 percent year-over-year.
“That number is the highest increase in the average foreclosure price of any state in the nation,” Blomquist said. “So even with these foreclosure sales happening, the market there is absorbing them pretty efficiently and there’s enough demand that the prices are actually going up.”
Nationwide, foreclosure sales increased 21 percent in the third quarter.
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Water tips to save money, help save the Earth
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick
- CrossFit dangers: 5 common injuries and how to deal with them
- Today's radiation treatments offer better success, fewer side effects
- Tips to make watching TV on the patio even better
- What really happens when you donate to a community college?
- Sun and skin cancer: Separating fact from fiction
- 5 critical lifestyle changes for a healthy colon
- What you need to know about Alzheimer's disease in Arizona
- Spring clean your windows like a pro with these 8 tips
- 7 films that should have won best-picture Oscars
- New plumbing technology saves money and improves your home
- Survey shows Arizona CFOs optimistic about 2016
- How chronic pain can affect your love life
- 5 potential warning signs about your child's development