foreclosure homes phoenix

It is hard to argue that the north Phoenix area has had a lot of foreclosures, but the number of them has, in some areas, gone up by factors of 10 or more.

That is why there is so much concern about the number of foreclosures and the state of the real-estate market - even in the established areas of north Phoenix.

Foreclosures are up and prices are down throughout the area. The numbers are closely tied, along with the number of sales and number of homes on the market.

by Michael Clancy Arizona Business Gazette Sept. 20, 2007 found at azcentral.com

Four ZIP codes in the area, broadly defined by city limits on the north and east, Interstate 17 on the west and the Phoenix Mountains Preserve on the south, provide a glance at what is going on.

85028

This ZIP code, at the north end of the Dreamy Draw, saw 10 foreclosures in the first six months of 2007. With about 9,000 residences in the area, that seems like a small percentage, but the number is five times higher than it was a year earlier in the same time frame.

Sales in the area have remained relatively steady, around 30 a month, for the past year. That partially can be explained by the lack of new housing in the area, which often can boost sales numbers. In addition, home prices have held their value, too, at close to $400,000. The stability helps hold down foreclosures.

85027

Straddling the intersection of two major freeways, Loop 101 and Interstate 17, ZIP code 85027 includes neighborhoods on all four corners. It has 16,500 homes, and had 30 foreclosures, the highest in north Phoenix. In the first half of 2006, the number was only three.

Monthly sales have dropped off, from highs in the 80s to the 40s in July. The good news is the median price has held steady in the low $200,000s.

85331

Home to a few developments in far north Phoenix, like Tatum Ranch and parts of Cave Creek, this ZIP code has been relatively average. It has had 22 foreclosures in the first six months of 2007, up from five in the same period a year ago.

This area of about 10,000 homes has had fewer sales and experienced lower home values. Monthly sales are averaging about 70, but month to month the area has seen some drop-offs. In April, for example, sales dropped from 74 to 59.

Meanwhile, the median home price also has declined, from about $500,000 to about $450,000.

85050

ZIP code 85050, which consists mostly of the western half of Desert Ridge and areas south of Loop 101 to Union Hills Drive, had 14 foreclosures in the first half of 2007, compared with just one a year earlier.

Still being built out, the area has about 7,500 homes.

It has seen a strong decline in median prices but some growth in sales as new developments become available. The median price, however, currently stands at less than $350,000, compared with $422,000 a year earlier.