Foreclosure filings in Valley soar 566% in '07 (Phoenix, AZ)

http://www.azcentral.com/realestate/homevalues/articles/1110foreclosures1110.html

Catherine Reagor
The Arizona Republic
Nov. 10, 2007 12:00 AM

The number of Valley homeowners losing their homes to foreclosure has shot up 566 percent so far this year, a result of the housing market's slowdown and rising interest rates on a variety of risky mortgages.

Through October, there were 7,139 foreclosures, according to the data research firm Information Market. That compares with 1,072 foreclosures for the same period last year.

Last month alone, 1,396 Valley homes fell into foreclosure, compared with 934 in September.

Additionally, in October, 3,438 homeowners fell behind on their mortgage payments, and lenders took the first step toward foreclosing by filing a notice for a trustee sale. During September, 2,830 of those pre-foreclosure notices were filed in Maricopa County.

"The foreclosure problem in Arizona is only going to get worse," said Fred Karnas, the new director of the Arizona Department of Housing.

Based on figures from the past few months, as many as 10,000 homeowners across metro Phoenix will lose their homes this year. Last year, there were fewer than 2,000 foreclosures.

My money guy, who still lives in my dad's part of Florida, said there were five pages of foreclosures in the local weekly paper.

This is bad. Some places are worse than others, but it's bad.

as mine over there (I sold for $224,900 in 6/06) is now available for $180K. but they won't get it as a two story house around the corner with 240 more SF is at the same price!

wow

:wow:

:(

:hug:

Sort of shoots the 'build it and they will come' theory all to hell.

I was listening to Napolitano on NPR the other day, and there she was, calling on the state legislature to "make sure this mess never happens again."

I assume she meant: just like we "made sure" it would never happen again, the last time the mortage industry was regulated. Until the next time, when everybody forgets why we regulate industries.