Another wave of Phoenix-area foreclosures forseen

AP News
Posted: Dec 11, 2009 11:44 AM

An Arizona State University professor is predicting another wave of home foreclosures early next year in the Phoenix metropolitan area.

Associate Professor of Real Estate Jay Butler is the author of the latest Realty Studies report from the W. P. Carey School of Business at ASU.

He believes the foreclosure rate will pick up after the first of the year because of the continued weak job market and frustration on the part of homeowners struggling to pay their mortgages.

Last month, 61 percent of the activity in the Phoenix-area housing market consisted of foreclosures and the re-sales of previously foreclosed-on properties. About 3,000 homes were foreclosed in November.

More than 5,300 homes were resold last month, down from more than 6,100 re-sales in October.