Foreclosures on Rise in Pima County (59% increase for entire US - Q1 2006)

http://www.kpho.com/Global/story.asp?S=4986534&nav=23Ku

TUCSON, Ariz. (AP) -- Experts are linking a cooling housing market and the maturity of certain financing plans with a rise in foreclosures in Pima County.

Foreclosure proceedings initiated in Pima County by lenders reached 1,199 in the first three months of 2006. That's a 27 percent increase over the 943 filings in the first quarter of 2005, according to RealtyTrac Inc., a real estate data company based in Irvine, Calif.

Statewide, the increase in foreclosure filings was 6 percent. For the United States, the increase between the same periods was 59 percent.

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"They now own a home and something goes wrong (like) their car breaks down and there isn't five cents left in their budget," Rosen said. "Most people live paycheck to paycheck, so when the price of their gas went up, when the price of food goes up, what happens? They don't have enough money to make all of their monthly payments. People then have to make choices."

...more at link...

I really miss the Clinton days. At least for the economy. A rise of 59% nationwide for foreclosures?? That is just completely f***ed up.

Glad to have you here :hi:

Dimson's economic policies have just about destroyed this once great country - along with every other policy that he and his cabal has.

Getting this crew out of our nation's seat of power cannot happen soon enough. I hope we all live through it.

more than under Clinton,, alas,,chimpies economy,,good thing they stopped the Bank-Ruptacy..
that could have hurt the Bankers and Realtors

If the person quoted is correct and it's "most" people then that's very frightening indeed!

I work for a title insurance company here in Tucson, and we've been seeing the rise of foreclosures here for months. Scary stuff.

nt