In the last 12 months major changes have emerged in the troubled Phoenix real estate market — changes that have gone largely unrecognized by the shell-shocked public. This month we introduce Michael Orr, real estate expert and newly appointed director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business. Orr explains what he’s seeing in the Phoenix market, and offers his outlook for the months ahead. After listening, be sure to look at Orr’s full report for complete analysis and data.

The unsettled Phoenix metro real estate market saw foreclosures as a share of the market rise to 29 percent in November, according to a report from W. P. Carey School of Business Professor Emeritus Jay Butler. Overall activity dropped between October and November as expected given the season – from 7215 in October to 7105 in November. The median price for traditional sales was up, but the median for a foreclosed property declined.

Activity in the Phoenix real estate market dropped in October – a dynamic as seasonal as the cooling temperatures, because in most years sales slow as the holidays approach. A decline in foreclosures was responsible for part of the overall slowing, according to the report authored by W. P. Carey Professor Emeritus Jay Butler. Foreclosures represented 26 percent of recorded resale activity in October – the lowest percentage since April 2009.

Sales activity in the Phoenix real estate market slowed significantly between August and September — largely due to a drop in foreclosure activity — according to the monthly housing report issued by the W. P. Carey School of Business. Professor Emeritus Jay Butler, who has been analyzing this data for more than 30 years, explains the dynamics of the market that caused the drop.

Good news and bad news from the Phoenix real estate market this month. In August, the absolute number of foreclosures was down compared to a year ago – that’s the good news. But the percentage of the market represented by foreclosures is up — that’s the bad news. W. P. Carey Professor Emeritus Jay Butler explains that even though there were fewer foreclosures in August, there were also fewer traditional sales. And median price is down — the result of investors snapping up foreclosed properties at low prices. Another twist: Butler reports that ads for investment seminars are starting to appear, leading to speculation that amateurs are in the market once more. Here’s his take on the August numbers.