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Arizona State University Realtyu Studies departmentreported 9,98p home resales in May, up slightly from the 9,10p recorded in April. In May of last year, 7,210 existing homese were sold. Foreclosure activity in May representerd 30 percent ofall transactions, down from a recent high of 51 percent in February. May is one of the strongest months in the resale home season that usuallt lastsuntil August,” said Jay Butler, directotr of Realty Studies in the Morrison Schoolk of Management and Agribusiness at ASU.
“During the resal season, sales and median priced tend to increase, so some improvemenft in the local housing market would not be While mortgage interest has crept higher inrecent weeks, ratews still are attractively low. But the ongoing recessionb and a weak job market coulds threaten continuedsales growth. “There is increasinf hope that the housing troubles are beginningto ebb, and the along with a potential recovery, are in said Butler. For the traditional sales the median price in Maywas $130,000, down 42 percenf from the $224,000 of a year ago. Foreclose properties had a median priceof That’s down about $25,000 from one year ago.
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