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.
- Distracted walking injuries end up not so funny
- Scary situations: 5 quick tips before you let a contractor in your home
- Four ways telemedicine is changing the health care industry
- 5 mistakes homeowners make in the spring
- Three rivers run through it: Exploring Arizona's waterways
- Smart home basics: things you need to know to get started
- 5 Surprising things causing back pain
- Arizona agriculture is a $17.1B industry
- Timeline: Arizona's roots in brewing history
- 5 reasons to love the D-backs this season
- Tips for taking your home entertainment experience to the backyard
- Tech-related injuries your parents never experienced
- Workers comp: Signs your co-worker could be a fraud
- Who's the real founder of America's pastime?
- Epidemic rising? What you need to know about Alzheimer's in Arizona
- 5 unforgettable Wooden Award winners
- Family and hard work are keys to success of modern dairy farmers
- Genetic testing could hold answers for colon cancer survival
- Cold beers and baseball: A beer lover's guide to Spring Training
- Telecommuting: 5 tips to make it work for employers and employees
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments
- Here’s why Gaydos went tankless with his water heater
- Bocce ball and basketball: How you can help Arizona's Special Olympics athletes
- Tips on building the best wine room in Arizona
- Avoid the nightmare: 6 tips to choose a great contractor
- Breast cancer: Improved testing and treatments means more survivors
- Failed back surgery: New hope for patients living in pain
- Ticking time bombs: Telltale signs your water heater is about to explode
- Reading glasses could be a thing of the past