PHOENIX - Foreclosures now make up 45 percent of the existing homes in the Phoenix area, according to a new ASU report .
That may leave some to ask, buy or not to buy?
"It just continues the trends we've been seeing for the last several years," said ASU professor Dr. Jay Butler.
Home sales in Maricopa County are down, as well as median home prices.
Foreclosures are up by nearly 1,000 per month since August 2009.
Signs to Butler that the market still isn't stable.
"The environment doesn't create the motivation or desire for people to buy homes at this time," said Butler
Butler sees multiple reasons but what are two of the worst? The bad economy and job market.
"Until the job market really provides that sort of motivation and economic support we're probably not going to see a great deal of growth in this particular market," said Butler.
Realty broker Bill Winston doesn't see it that way.
He's seen the drop in sales but says the home prices have evened out, making it a great time to buy.
"Most of these homes that are selling today, the value of the land is worth more than what they're asking for the property," said Winston.
He says the reason for the drop in sales isn't that people don't want to buy.
"I've seen people with good credit scores not get approved for their loan," said Winston, pointing to the lenders. "Bottom line is, they're just being very, very picky about who they lend money to."
Winston thinks if the banks start loaning those low home sales numbers will start going back up.
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