More Phoenix Arizona Homeowners Are Walking Away

by benjaminteam on August 4, 2010

in East Phoenix Valley and Gold Canyon Real Estate

The Arizona Republic reports that more and more Phoenix-area homeowners are falling behind on their mortgages or “walking away” from them. The number of pre-foreclosures in the region jumped 33 percent in July.

In the Phoenix Arizona area, July saw 7,804 notice-of-trustee sales, or pre-foreclosure filings, according to Information Market, a real-estate research firm. That number compares with 5,833 in June. July’s figure signals the biggest monthly jump for new foreclosure filings in more than a year.

Actual foreclosures or trustee-sale filings climbed as well in July but not by nearly as much as pre-foreclosures. Lenders foreclosed on 4,651 Valley homes last month, compared with 4,584 in June. (It typically takes four to six months for an increase in pre-foreclosures to translate to an increase in foreclosures in Phoenix.)

The increase in foreclosure filings is putting pressure on Phoenix-area home prices and pushing them down more.

For more information read the complete report that was on the Arizona Republic’s AZCentral website.

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