1/3 of 2012 AZ home sales foreclosure-linked - New York News

1/3 of 2012 AZ home sales foreclosure-linked

Updated:

PHOENIX (AP) - A new report shows 34% of all home sales in Arizona last year involved houses in some stage of the foreclosure process.

The data released Thursday by foreclosure tracking firm RealtyTrac shows that's actually a 26% dip from the previous year.

Nearly 65,000 homes sold while in some stage of foreclosure last year. The average sales price for those homes was $142,000 and reflected a 23% discount from regular prices. The number of foreclosure sales actually was a 25% improvement from 2011.

Another 19% of the homes sold last year were short sales where the bank accepted less than was owed on the mortgage.

Both numbers were substantially lower than in 2011 as the Arizona home market finally began recovering from years of high foreclosures.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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