Lower foreclosure rate, fall season slows Phoenix resale market

Activity in the Phoenix real estate market dropped in October – a dynamic as seasonal as the cooling temperatures, because in most years sales slow as the holidays approach. A decline in foreclosures was responsible for part of the overall slowing, according to the report authored by W. P. Carey Professor Emeritus Jay Butler. Foreclosures represented 26 percent of recorded resale activity in October - the lowest percentage since April 2009.

Activity in the Phoenix real estate market dropped in October – a dynamic as seasonal as the cooling temperatures, because in most years sales slow as the holidays approach. A decline in foreclosures was responsible for part of the overall slowing, according to the report authored by W. P. Carey Professor Emeritus Jay Butler. Foreclosures represented 26 percent of recorded resale activity in October - the lowest percentage since April 2009. [podcast]