Phoenix Prices at 15-Year Low reported Monday that home sales in the Phoenix area dropped to the lowest level for an October since 1995. The real estate data service says the region’s overall median sale price fell below the year-ago level for the fourth consecutive month. The site also says last month foreclosure resales, defined as homes that had been foreclosed on in the prior 12 months, represented 53.9 percent of the Phoenix-area resale market. In October, 39.8 percent of all Phoenix-area home purchase loans were low-down-payment, government-insured FHA mortgages, a popular choice for first-time buyers.

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