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Phoenix Home Sales Pick Up in January

Buyers paying cash represented 45.6% of all January sales, up from 41.0 % the month before and down from 46% a year earlier. January's cash buyers paid a median $97,700, up from $94,900 the month before and up 10% from $88,854 a year earlier.

Distressed property sales dropped to 52.1% of all January resale activity -- the lowest level for any month since the figure was 48.2% in June 2008. Distressed sales are made up of sales of foreclosed properties, as well as "short sales," where the sale price falls short of what was owed on the property.

Foreclosure resales, defined as homes that had been foreclosed on in the prior 12 months, fell to 36.3% of January resales -- the lowest level since May 2008. January's figure was down from 37.7% the month before and 54.5% a year earlier. The peak level for foreclosure resales was 66.2% in March 2009.

Short sales represented an estimated 15.8% of January's resale activity, down from 17.2% the prior month but up from an estimated 12.9% a year ago.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.
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