The Phoenix foreclosures have seen a downward fall since 2007. It is been almost three years but there has been no positive sign in the real estate market.
November 2009 showed a plunge in the values of Phoenix foreclosures considering the figures from last year. There were almost 10,000 homes that went under foreclosure, about 4,500 in November and 3,000 in December last year. That is just about a slump of two percent approximately. The average value range that continued to control the market in November and December 2009 was about $140,000 to $170,000. Weighing against the values in September and October 2009, the prices were up by 3.5 percent. This can be measured as positive sign.
An extra negative point in the Phoenix foreclosures 2009 was that lots of the foreclosed properties that were sold were re- sales of the already scheduled property. The re-sales properties amounted to at least fifty percent of the total sales of Phoenix foreclosures. Even though the numbers are down from what they were in February to April 2009, they still are huge numbers to consider them as low.
Shifting to another side of the real estate market, which is the commercial real estate market. Last year, the Phoenix foreclosure saw one of the largest commercial foreclosures of the nation, City North foreclosure. The retail business was flourishing in Phoenix when it was hit by the economic recession and started to lose its base. The City North area project claims to be approximately huge amount of $290 million.
