Foreclosure Connections Blog Articles And Foreclosure Information

Phoenix Foreclosures activity has increased by almost 35% as a result of which, the foreclosure crisis in Arizona seems to be deepening by the moment. In January, 2008, Arizona saw a huge increase in foreclosure filings with almost 9,000 homes being recorded. In fact, investors have also started to say that there are too many Phoenix foreclosure homes to choose from. Arizona foreclosures can take relief from the fact that nationwide the foreclosures dropped by 3%. In Arizona though the rate of foreclosure was one per 201 homes and thus the state now has the third highest foreclosure rate. The rate of foreclosure in Arizona is almost 2.5 times the national average.

In the last quarter, 12,950 homes were listed in Arizona foreclosures and this includes government foreclosures like HUD as well as Phoenix Foreclosures. The rate does seem to be 1% less than that of the previous month but has increased by a whopping 127% as compared to June 2007. At the end of the second quarter in June 2008, the 12,950 Arizona foreclosures include 7 notices of default, 8,646 NTS and 4,297 REO’s. There is a big contribution that Phoenix foreclosed homes have made to the overall state foreclosure figures.

The news about Phoenix Foreclosures that is catching like wild fire is that experts had earlier said that most of the foreclosed homes are from the outlying areas but the case is not so anymore. Some of the worst hit neighborhoods are those that are in the southern, western and central Phoenix. Even the number of government foreclosed homes in the Phoenix metro area has increased considerably. This could well mean that there will be an increase in foreclosures in Phoenix through the next quarter!