Foreclosures down among Phoenix-area home salesPosted: Updated:
PHOENIX -- A new report shows foreclosed homes made up a smaller share of existing home sales in the Phoenix area last month.
The Arizona State University Realty studies report shows foreclosed homes dropped from 40 percent of all sales in March to 33 percent in May.
ASU real estate professor Jay Butler says it isn't clear if sales of foreclosed homes will continue to drop or if May's numbers are just a "blip."
He says defaults and late payments are still at record levels, so a new wave of foreclosures could be coming.
Butler says some homeowners may choose to walk away because their home's value has sunk and because they owe too much on their mortgages. Foreclosures and sales of previously foreclosed-on properties still made up 60 percent of sales in May.
(Copyright 2010 by The Associated Press. All Rights Reserved.)