2007 National foreclosure statistics in review

According to the latest stats from RealtyTrac, more then 1 percent of all US homes were in some phase of foreclosure in 2007, a 79 percent increase over the previous year. Arizona ranked in at number eight for states with the highest foreclosure rates.

Map of 2007 foreclosures rates

Arizona saw 69,970 total foreclosure filings in 2007, and more then 1.5 percent of Arizona households entered some stage of foreclosure. This is a 150 percent increase over 2006 foreclosure numbers.

Maricopa County Arizona ( in and around the Phoenix area) is one of the nation's hardest hit foreclosure hot spots, with many homeowners owing much more then their home is worth. In 2007 there were 3336 Maricopa County homes in foreclosure with negative equity. About 1900 of those homeowners had negative equity of between $10,000 and $49,000.

Unfortunately foreclosure rates are expected to increase in 2008 as more homeowners are going to be hit with rate adjustments on loans. We are seeing some lenders attempt to help borrowers straighten out their loan issues so as to avoid foreclosure, but lets hope we see more intervention from the government before these numbers escalate.