PHOENIX (AP) - A new report from Arizona State University's business school confirms that 2012 was a year for a major rebound for the Phoenix area's housing market.
The report shows median home prices jumped by nearly 34% between December 2011 and December 2012. The median price for an existing home went from $122,500 to $164,000 during that time and the supply of homes for sale fell by 6%.
A huge dip in foreclosures also was seen, with ASU's Mike Orr tracking a 51% drop. Orr said Thursday that's a signal that the end of a yearslong housing market crisis is in sight.
The big increase in prices means investors are also cooling to the market and leaving slightly less competition for regular buyers.
Thursday, June 20 2013 9:26 AM EDT2013-06-20 13:26:55 GMT
The actor James Gandolfini, best known for his award-winning portrayal of New Jersey mobster Tony Soprano in the HBO series "The Sopranos," has died in Italy. He was 51.
The actor James Gandolfini, best known for his award-winning portrayal of New Jersey mobster Tony Soprano in the HBO series "The Sopranos," has died in Italy. He was 51.
Thursday, June 20 2013 8:45 AM EDT2013-06-20 12:45:07 GMT
Stamford police say they've arrested a 12-year-old suspected gang member in connection with the beating and robbery of a 39-year-old man earlier this month.
Stamford police say they've arrested a 12-year-old suspected gang member in connection with the beating and robbery of a 39-year-old man earlier this month.
Thursday, June 20 2013 8:34 AM EDT2013-06-20 12:34:08 GMT
Joe Torre's daughter caught a 1-year-old boy who fell from a fire escape outside a second-floor apartment in the Bay Ridge section of Brooklyn Wednesday morning.
Joe Torre's daughter caught a 1-year-old boy who fell from a fire escape outside a second-floor apartment in the Bay Ridge section of Brooklyn Wednesday morning.
Thursday, June 20 2013 8:30 AM EDT2013-06-20 12:30:09 GMT
A northern New Jersey town has reinstated its volunteer fire department days after suspending it because a teen was accused of molesting a firefighter's 3-year-old son behind a fire truck.
A northern New Jersey town has reinstated its volunteer fire department days after suspending it because a teen was accused of molesting a firefighter's 3-year-old son behind a fire truck.
Thursday, June 20 2013 6:10 AM EDT2013-06-20 10:10:08 GMT
The driver of the vehicle that left several people injured and a trail of destruction in the area of 2nd Avenue and East 4th Street in the East Village has been arrested.
The driver of the vehicle that left several people injured and a trail of destruction in the area of 2nd Avenue and East 4th Street in the East Village has been arrested.
New York state and Eastman Kodak Co. have reached a deal that will keep some of the troubled company's operations in Rochester and provide $49 million for environmental cleanup at the once bustling Eastman...
New York state and Eastman Kodak Co. have reached a deal that will keep some of the troubled company's operations in Rochester and provide $49 million for environmental cleanup at the once bustling Eastman Business Park.
Wednesday, June 19 2013 6:51 PM EDT2013-06-19 22:51:22 GMT
Franklin Reyes, 17, was in court Wednesday. He is charged with the death of 4-year-old Ariel Russo.
Franklin Reyes, 17, was in court Wednesday. He is charged with the death of 4-year-old Ariel Russo. He is accused of driving without a license, then fleeing police, jumping a curb, and hitting Ariel and her grandmother as they were walking to school.
