Arizona Foreclosures Are Showing Triple Digit Percentage Increases

By: tireddadoffive


Is Arizona going to see any relief soon from record setting foreclosure filings? According to some experts the figures have not peaked and will continue to increase.

RealtyTrac recently reported a 189 percent increase in Arizona foreclosure filings. This is nearly triple the mark set in July last year. RealtyTrac also estimates one in every 433 households in Arizona is in some stage of foreclosure. This is 60 percent over the national average. When compared to all other states Arizona ranks No. 8 for rate of foreclosures.

One area hardest hit, Maricopa County, reported 1,931 Notice of Trustee sales. That firm shows that 2,952 homes were foreclosed on in Maricopa County from January through June, up from 208 during the first half of 2006. Local officials and market experts feel the situation could go from bad to worse in this county, as well as affecting the rest of the state.

What happened to cause all this trouble? In what is now a recurring theme across the country many people who normally would not have been able to purchase a home were able to do so during the 2004 – 2005 real estate boom with what amounted to "smoke and mirror" tactics by predatory lenders. Homeowners were able purchase homes due to the inordinately low "teaser rates" and specialty financing options such as adjustable rate mortgages that were being offered at the time.

These facts along with the "gold rush" mentality of the time enabled the real estate market to run almost unchecked until it was too late.

Now it's time to pay the piper as the saying goes. The same factors that made it easy to purchase a home at the height of the market are now forcing more and more people into foreclosure. The same sub-prime loans that were so tempting and affordable at the beginning are reaching their reset periods. Many homeowners trying to stop foreclosure in Arizona are unable to refinance or sell their homes because of the depressed real estate market, glut of homes available on the market, and minimal appreciation in home values.

The fallout from the country's real-estate slump continues to reverberate in Arizona and across the nation as more homeowners and lenders turn to foreclosure to solve their financial woes. As a result homeowners are experiencing poor credit scores that may take years of recovery and neighborhoods across the state of Arizona now contain large numbers of foreclosed homes which act to depress property values.


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