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Foreclosures Drive Home Prices Down

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July 30, 2008

Almost 16,000 homes were foreclosed upon in the first six months of 2008, a five fold increase over the same time period in 2007.
Almost 16,000 homes were foreclosed upon in the first six months of 2008, a five fold increase over the same time period in 2007.

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( Phoenix, AZ ) Phoenix home prices have dropped by an average of more than 25% over a one year period ending in May. KJZZ's Paul Atkinson looks at how foreclosures are behind the falling prices.

 Phoenix Area Foreclosures Notices Foreclosures
Rank  Zip Code Community Region  2007*  2008*  2007* 2008*
1 85037 Phoenix Phoenix 253 1,081 67 526
2 85379 Surprise area NW 292 898 110 494
3 85326 Buckeye SW 246 888 82 468
4 85033 Phoenix Phoenix 241 913 46 432
5 85041 Phoenix Phoenix 253 778 68 403
6 85338 Goodyear SW 248 625 80 368
7 85335 El Mirage NW 234 709 74 357
8 85323 Avondale SW 323 685 121 354
9 85353 Tolleson SW 151 658 46 352
10 85043 Phoenix Phoenix 163 668 40 341
11 85086 Anthem area NW 203 588 83 324
12 85392 Avondale SW 1 614 0 313
13 85339 Laveen SW 123 579 37 289
14 85204 Mesa SE 161 636 40 272
15 85345 Peoria NW 188 561 48 269
16 85303 Glendale NW 139 491 29 265
17 85035 Phoenix Phoenix 120 620 18 261
18 85225 Chandler SE 208 506 38 244
19 85383 Peoria NW 130 469 41 236
20 85242 Queen Creek SE 116 494 44 233
21 85308 Glendale NW 186 430 51 229
22 85301 Glendale NW 149 469 23 227
23 85051 Phoenix Phoenix 145 470 36 224
24 85374 Surprise NW 165 400 64 224
25 85340 Litchfield Park SW 135 399 33 219
26 85031 Phoenix Phoenix 100 463 22 211
27 85388 Surprise NW 138 408 43 202
28 85032 Phoenix Phoenix 159 471 47 201
29 85296 Gilbert SE 164 390 56 198
30 85009 Phoenix Phoenix 130 433 28 190
31 85029 Phoenix Phoenix 120 392 27 185
32 85042 Phoenix Phoenix 139 416 29 182
33 85017 Phoenix Phoenix 85 430 21 175
34 85040 Phoenix Phoenix 104 388 23 175
35 85208 Mesa SE 127 362 40 173
36 85207 Mesa SE 120 337 22 171
37 85302 Glendale NW 115 351 34 171
38 85234 Gilbert SE 103 376 19 167
39 85209 Mesa SE 116 292 40 155
40 85019 Phoenix Phoenix 89 345 18 154
41 85249 Chandler SE 146 278 50 152
42 85027 Phoenix Phoenix 119 288 30 151
43 85008 Phoenix Phoenix 80 340 19 147
44 85297 Gilbert SE 136 225 37 133
45 85053 Phoenix Phoenix 88 263 27 127
46 85233 Gilbert SE 93 255 20 126
47 85015 Phoenix Phoenix 81 241 16 123
48 85396 Buckeye SW 48 241 14 121
49 85212 Mesa SE 79 249 26 119
50 85201 Mesa SE 93 289 26 114
51 85224 Chandler SE 78 239 14 113
52 85382 Peoria NW 95 242 51 112
53 85022 Phoenix Phoenix 89 248 19 111
54 85203 Mesa SE 78 259 14 108
55 85251 Scottsdale NE 67 183 13 105
56 85020 Phoenix Phoenix 96 237 19 103
57 85021 Phoenix Phoenix 64 176 14 103
58 85210 Mesa SE 84 273 13 102
59 85023 Phoenix Phoenix 80 207 19 98
60 85085 Phoenix Phoenix 65 191 18 97
61 85304 Glendale NW 91 233 18 97
62 85048 Phoenix SE 79 206 20 92
63 85205 Mesa SE 97 227 18 90
64 85260 Scottsdale NE 65 190 24 90
65 85254 Phoenix/Scottsdale NE 91 239 17 89
66 85016 Phoenix Phoenix 92 261 18 87
67 85255 Scottsdale NE 80 258 21 87
68 85268 Fountain Hills NE 61 167 13 82
69 85202 Mesa SE 62 209 23 81
70 85213 Mesa SE 46 172 14 80
71 85306 Glendale NW 56 169 17 78
72 85006 Phoenix Phoenix 66 190 11 77
73 85024 Phoenix Phoenix 69 168 21 72
74 85282 Tempe SE 56 163 7 71
75 85206 Mesa SE 58 179 18 68
76 85262 Scottsdale NE 52 151 9 68
77 85050 Phoenix Phoenix 39 159 14 67
78 85014 Phoenix Phoenix 42 174 9 66
79 85305 Glendale NW 41 130 7 65
80 85007 Phoenix Phoenix 49 125 16 64
81 85381 Peoria NW 48 162 17 64
82 85307 Glendale NW 31 111 7 60
83 85226 Chandler SE 60 182 8 59
84 85310 Glendale NW 57 150 14 59
85 85331 Cave Creek area NE 67 180 22 58
86 85044 Phoenix SE 62 126 11 56
87 85354 Tonopah SW 26 91 10 56
88 85248 Sun Lakes/Chandler SE 74 110 20 55
89 85018 Phoenix Phoenix 74 184 13 54
90 85257 Scottsdale NE 60 150 8 54
91 85361 Wittmann NW 27 87 11 51
92 85283 Guadalupe/Tempe SE 60 128 10 50
93 85258 Scottsdale NE 48 113 11 49
94 85013 Phoenix Phoenix 33 101 5 46
95 85281 Tempe SE 43 134 7 46
96 85087 New River area NW 17 104 3 43
97 85259 Scottsdale NE 45 100 23 43
98 85215 Mesa SE 22 88 9 42
99 85351 Sun City NW 33 76 6 42
100 85355 Waddell NW 14 72 4 40
101 85373 Sun City NW 24 84 8 39
102 85387 Surprise area NW 26 72 4 38
103 85363 Youngtown NW 20 103 9 35
104 85250 Scottsdale NE 37 90 8 29
105 85045 Phoenix SE 32 51 10 27
106 85003 Phoenix Phoenix 25 56 6 26
107 85012 Phoenix Phoenix 15 50 4 21
108 85028 Phoenix Phoenix 31 62 10 18
109 85375 Sun City West NW 16 46 5 18
110 85253 Paradise Valley NE 16 50 0 17
111 85284 Tempe SE 15 40 4 17
112 85054 Phoenix Phoenix 7 36 2 16
113 85004 Phoenix Phoenix 18 34 0 15
114 85220 Apache Junction SE 7 30 4 14
115 85034 Phoenix Phoenix 11 22 2 9
116 85377 Carefree NE 5 13 2 7
117 85390 Wickenburg area NW 12 16