Yesterday, two writers from the Associated Press put out a story that said that 70% of the homes in Phoenix are at risk of foreclosures. By the end of the day the story had gone viral on the Internet and was picked up by multiple large media, including the Wall Street Journal. Of course, the information is flat out wrong, and unfortunately, it was attributed to ARMLS. We are reaching out to the original writers and others who re-circulated it to get the information corrected.
The statement was a result of the writers’ misinterpretation of the correct information put out in the February issue of STAT. In that issue we stated that distressed properties accounted for 70.2% of total sales.
ARMLS is reaching out to our Subscribers to make sure they understand the error, and do not inadvertently re-circulate the wrong information in their blogs and on their social media platforms. Click here to read the February issue of STAT.