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Foreclosures Fall, Home Prices Rise in Phoenix

hamilton-zanze September 23, 2013

According to separate reports from Arizona State University and CoreLogic, single-family home prices in Phoenix are on the rise and foreclosures are declining. The median home prices jumped 30% year-over-year in July to $194,150. Foreclosures fell 56% over the same period.

However, negative equity continues to plague the MSA. In Q2 2013, 231,000 homeowners found themselves underwater. That figure represents 26% of the state’s mortgage owners and nearly double the national rate of 14.5%.