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Phoenix Home Sales Continue at Record Levels as Buyers Mop up Record Number of Foreclosures

The number of homes sold in Phoenix continues to smash records made during the peak of the housing boom in 2005. The numbers look quite impressive on a chart made by a local real estate sales blog, click2az.com:



As we're sure you know, unless you've been stuck under a foreclosed home's foundation for the last couple of years, there's much more to this story.

Unlike in 2005, the reason so many homes are being bought is because prices are in the toilet. Foreclosures and delinquencies are also at record highs. The aforementioned Web site's price chart looks like this:




Brutal.




 


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Ray Stern has worked as a newspaper reporter in Arizona for more than two decades. He's won numerous awards for his reporting, including the Arizona Press Club's Don Bolles Award for Investigative Journalism.