Nearly every street in Maricopa’s once bustling subdivisions has one or more homes displaying signs in front that say ‘bank owned.’ More homes than ever before are on the real estate market.
The Phoenix Business Journal recently reported that home sales are up in Pinal County, and they are. However, according to Arizona State University’s Realty Studies Department, 40 percent of all sales in the second quarter of this year in the county were from foreclosures.
Maricopa had a relatively high percentage of foreclosure sales in the same time period, 48 percent compared to 41 percent in Maricopa County.
Pinal County’s median home sales price for the second quarter is $143,100, according to the Realty Studies Department, a figure that closely parallels traditional sales at a median of $141,00 and foreclosures at a median $145,000. .
One of the reasons the price of homes has dropped significantly in Maricopa is the going $64 rate per square foot, the lowest in the state, according to the Arizona Real Estate Investors Association (AZREIA).
The difference between a traditional sale and a foreclosure sale is $36,000 with homes priced at $200,000 or less making up 50 percent of today’s real estate market, according to AZREIA.
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