Quotes from Dataquick report, Phoenix Metro Area August Home Sales;
- Those using cash accounted for 41.3 percent of all August home sales, up from 37.6 percent in July and 35.1 percent a year earlier. Last month’s cash buyers paid a median of $95,000, down from $100,000 in July but up from $90,000 in August 2009.
- Many of the homes that investors and first-time buyers purchase are lender repossessions, which have decreased over the past year but remain a large portion of the market. Last month foreclosure resales ““ homes that had been foreclosed on in the prior 12 months ““ represented 49.7 percent of the resale market, down from 50.5 percent in July and 57.2 percent a year earlier. The peak for foreclosure resales was 66.2 percent in March 2009.
- Meanwhile, on the foreclosure front, lenders foreclosed on 5,669 house and condo units in the two-county Phoenix area last month, down 1.0 percent from July but up 28.3 percent from August 2009.