The supply of bank owned homes peaked in February nearing 13,000 listings for the Phoenix metropolitan area. Since then, the inventory of these foreclosure listings has continually declined while sales have increased dramatically. The months of March, April and May each had over 5,000 closings for lender owned properties alone.
   
The average sales price per square foot hit bottom in April. The average sold price per square foot for the month of May was up approximately 3% from one month prior. An upward trend in prices now appears to be taking effect.

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According to the Associated Press, housing for 20 of the largest cities including Phoenix dropped 18.4% from July 2006 to May 2008. With prices so low it is the perfect time for investors to buy homes. We have seen a huge increase in bank owned home sales just in July.

There are currently over 12,000 forclosed homes and 5700 auction homes in Maricopa County alone.