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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