November 16, 2010 - Homebuyers from around the country are pulling up their moving trucks in Arizona, attempting to take advantage of greatly reduced homes for sale in the state.

Data from the W. P. Carey School of Business at Arizona State University showed that distressed properties accounted for 42 percent of the 8,075 homes that were sold in the state in October. When accounting for the resale of homes that had previously been foreclosed on, properties with a history of foreclosure made up a daunting 65 percent of local home sales activity, said the report. The median price for homes in the state was $135,000, a reality that may have even encouraged buyers from out-of-state to hire a moving company and head to Arizona.

The school also reported that October's home sales were down from earlier this year and the same time period in 2009, though associate professor of real estate Jay Butler says those declines were expected. "With children in school and the coming of the holidays, the typical pattern is for sales and foreclosures to slow through the remainder of the year," he said.

The prospect of buying discounted homes for sale may also be encouraging buyers in other states to consult moving services. The Boston Globe reported that buyers in Massachusetts are purchasing foreclosed homes in the state at a rate of one every hour.
 

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