Arizona Market is Still Driven by Foreclosures
By Austin Kilgore

Foreclosures remained a dominant force in the Phoenix area's housing market in January, as foreclosures and resales of foreclosure homes accounted for two-thirds of existing-home transactions during the month, according to an Arizona State University report.

Even with brisk sales, a key to the housing market's recovery remains creating new jobs, said Jay Butler, the report's author.