PHOENIX - An ASU report shows that foreclosures in the Phoenix area may be leveling off, but there could be a new wave in foreclosures coming in the next few months.
Professor Jay Butler authored the report that shows the number of foreclosures down 7 percent from March compared to May. The foreclosures still however make up 33 percent of the market’s recorded activity.
Butler says with school being out, people may see this as a time to make a “strategic default.”
“It is sort of the final group of foreclosures,” he said. “These are the people who can afford to pay their mortgages but don’t want to.”
Another concern is what happens to the foreclosures that have and are being bought.
“There is some concern that if people who bought foreclosures can’t rent them or flips them then they’ll end up going back,” said Butler.
Butler says some areas of the Valley, like Chandler and Gilbert, are seeing some improvements in terms of prices. But as far as full recovery, we could still be a long way away.
Copyright 2010 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Did You Hear?
It may seem a little far-fetched right now but it could become a reality if space companies like Virgin Galactic realize their aspirations over the next 30 years or so.
Scientists have reconstructed a nearly complete mitochondrial genome of an ancient human relative, whose remains were found in Sima de los Huesos ("pit of bones") in northern Spain.
Hampton Creek Foods is scouring the planet for plants that can replace chicken eggs in everything from cookies to omelets to French toast. Its first product is an egg-free mayonnaise now sold at Whole Foods Markets.
They say San Xavier District deputies responded to a man down in the desert near San Joaquin Road and Snyder Hill Road. That's on the far southwest side of Tucson.