http://www.amjhomeservices.com/1999/coverstory-april.html
Arizona State University Realty Studies departmentreported 9,989 home resales in May, up slightly from the 9,100 recorde d in April. In May of last year, 7,210 existing homes were sold. Foreclosure activity in May representede 30 percent ofall transactions, down from a recent high of 51 percenty in February. “Historically, May is one of the strongesg months in the resal home season that usually lasts until saidJay Butler, director of Realth Studies in the Morrison School of Managementt and Agribusiness at ASU. “During the resaled season, sales and median prices tend to increase, so some improvementr in the local housing market would notbe unexpected.
” While mortgage interest has creptg higher in recent weeks, rates still are attractively low. But the ongoinyg recession and a weak job market couldc threaten continuedsales growth. “Therew is increasing hope that the housinhg troubles are beginningto ebb, and the bottom, alonh with a potential recovery, are in sight,” said For the traditional sales market, the mediaj price in May was down 42 percent from the $224,000 of a year ago. Foreclosecd properties had a median priceof That’s down about $25,000 from one year ago.
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