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Of Valley Homes for Sale, a Third sit empty

By Catherine Reagor
The Arizona Republic
Oct 31, 2007

valley neighborhoods.

Some foreclosure homes are trashed before the owner leaves and then not kept up by the lender that has taken the house back. Also some investors live out of state and do little to keep up their Valley homes.

Home prices dropped in more than half of all Valley ZIP codes during the first eight months of this year, according to The Republic's recent Valley Home Values report.

The glut of homes for sale, empty or full, is expected to keep putting pressure on Valley housing prices until sales pick up. Existing home sales fell to 3,050 in September, the lowest monthly level for resales in several years. During August of this year, 4,240 existing homes changed hands. Plus, now it's taking the average Valley home 94 days to sell. A year ago, it took 73 days.

"There are a lot of people who have to sell now, " said Brett Barry of Realty Executives. "We tell our clients to drop their prices every 30 days because they have to compete with so many other motivated sellers."
 
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