Too many Phoenix Foreclosure Homes around!

It seems like the year 2008 is going to be a long one for homeowners in Phoenix and other areas of Arizona. There was a major jump in Arizona bank foreclosures in the starting few weeks of 2008 as it recorded an increase by 57%. The entire situation looks chaotic with homeowners looking for mercy and lenders being forced to take possession of the Phoenix homes. Across the country, the situation is no better as 233,001 homes received a foreclosure notice as compared to only 148,425 in 2006. Although Nevada lead the state list but Arizona did not seem to be too far behind at the 8th position.

Phoenix, AZ

There was a meteoritic rise of 150% in Arizona foreclosure homes. Homeowners took the major brunt of it as 70,000 homes went into the foreclosure listing. The nationwide foreclosure filing rate in January was one per 534 homes, which is quite high by all standards. There was a 8% hike as compared to the rates in December. In the first month of 2008, due to a high number of Phoenix bank foreclosures, Arizona saw a total of 9,059 homes including 2,575 REO’s. The percentage change from December 2007 was 19.21% but the most alarming was the change from Jan 2007, which was 117.50%.

There were more than 10,000 bank foreclosures that took place in Phoenix in 2007 out of which 7000 were from Maricopa County. In 2006, the county saw 1,730 foreclosure homes at a rate of one per 723 homes. But today the new rates are concerning as this will take the number of Phoenix foreclosure homes to a higher level. It is time that homeowners start looking back and reflecting on what they might have done wrong and how best they can avoid the foreclosures.

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