Phoenix-area home prices likely to remain steady

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By Andrew Michalscheck By Andrew Michalscheck

PHOENIX (AP) -- Researchers at Arizona State University say the Phoenix-area housing market has rebounded and that it is unlikely home prices will shift either higher or lower this year.

The report by ASU's W.P. Carey School of Business says demand has been low for the normally strong spring selling season. Investor interest in the state is low because of higher foreclosure rates in other parts of the country. Completed foreclosures in the Phoenix housing market are down 54 percent since last year.

Researchers say the median single-family home price has stabilized at just under $205,000. That's up 13 percent for the same period last year.

Rental homes also continue to be popular alternatives to purchasing as many residents remain ineligible for home loans or are simply uninterested in home ownership.