Foreclosures dominate Valley housing resale market

"Foreclosures continued to dominate the housing resale market in November despite continued evidence that they are declining, according to the latest monthly report from Arizona State University.

Foreclosure activity edged lower last month but is still high in some parts of the Valley, such as Avondale, where it represented about 43 percent of sales, and Glendale, with 40 percent.

But Jay Butler, director of realty studies at ASU, predicts another wave of foreclosures could hit after the first of the year because of the continued weak job market and the fact that homeowners are having a tough time paying their mortgages."

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Foreclosures dominate Valley housing resale market