Elliott Pollack.

As for Greater Phoenix, single family home prices rose slightly between July and August 2012 but, continue to show a very significant recovery over the past year. Median prices were up 33.7% over that past year. Most of the increases were in distressed properties. For example, sales prices of trustee sales to third parties were up 31.2%. HUD sales prices were up 37.7%. REO sales prices were up 39.3% and bank owned sales prices were up 59.5%. The sale on homes in Greater Phoenix seems to be ending. As the supply of distressed homes diminished relative to demand, prices increase. On the other hand, sales prices of normal resales were up only 6.9% and new home prices were up 6.8%.over the past year. As the number of distressed properties continues to decline, both non-distressed and new home prices will increase more rapidly.

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