Mar 6, 2013, 6:02am MST
Staff Phoenix Business Journal
Arizona is one of the beneficiaries of an increasing turn to short sales instead of foreclosures as a way to heal the broken housing market.
The Wall Street Journal reported that during the past three years foreclosures have fallen from nearly 30 percent of home sales to about 11.5 percent in October. At the same time, short sales, where a home is sold for less than is owed on a mortgage, have risen to 10.4 percent of sales.
The Phoenix area was hit hard by the housing crisis, with home values in some areas falling by 50 percent or more. It is estimated that as much as 40 percent of homes in the region have mortgages that are higher than their value.