While the nation saw an average increase of eight percent in foreclosure filings for July, Arizona saw only a three percent increase, putting our state at number four in filings for the month. Florida actually bumped us out of the way to steal the number three position with an increase of fourteen percent.
Though Arizona appears to be slipping back on the list, we've seen a 127% increase in foreclosure filings over July 2007. One in every 195 properties received a foreclosure filing in July. When looking at foreclosures in metro areas, Phoenix ranked at number ten. According to Realtytrac, "bank repossessions are the fastest growing segment of foreclosure activity in July". Currently there are about 80 real estate owned properties on the market in Tucson.
Though Arizona appears to be slipping back on the list, we've seen a 127% increase in foreclosure filings over July 2007. One in every 195 properties received a foreclosure filing in July. When looking at foreclosures in metro areas, Phoenix ranked at number ten. According to Realtytrac, "bank repossessions are the fastest growing segment of foreclosure activity in July". Currently there are about 80 real estate owned properties on the market in Tucson.
I think we've got a ways to go before we see these numbers go down. There's still a large number of homeowners that have maxed our all that glorious equity they built up so quickly. As issues continue with the economy we should expect to see higher foreclosure numbers for the next few months. Once we eliminate more of the distressed properties from our inventory we'll see home prices creep back up along with unit sales.
5 comments:
Yeah right! It's gonna take some while to go yet.
Florida actually bumped us out of the way to steal the number three position with an increase of fourteen percent.
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Julie
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