Phoenix finally seeing relief from foreclosure crisis?

PHOENIX - The housing market in Phoenix is starting to see a little relief from the foreclosure crisis.

The W.P. Carey School of Business at Arizona State University just released a new report stating the housing market saw a promising trend emerge last month.

This October marked the lowest number of foreclosures since April 2009, according to the W.P. Carey School of Business report.

According to the school, foreclosures made up 26 percent of the existing-home transactions in the market, but experts warn the news does not mean a complete market turnaround is on the horizon.

"Just because we're seeing a drop in foreclosures, that doesn't mean we have a healthy housing market," Business Professor Emeritus Jay Butler said.

Butler wants to make it clear that the "end is not in sight." Businesses are not seeing an increase in purchases and there is not enough economic activity to improve the economy

Butler said the numbers are deceiving because only the recorded foreclosures are documented.

"Many more foreclosures may be lingering in the pipeline just because more paperwork and rules are being followed in the process now," Butler said.

The foreclosure rate has dropped from 43 percent of home transactions in January and February down to 26 percent last month.

Although the Phoenix housing market is down from earlier this year, Butler said that the numbers may go back up at the start of the year.