Arizona Foreclosures Dropped A Bit In July, But Are Still Up 95% over 2007
There seem to be conflicting signs of in the economy right now. Gas prices dropping a bit, even if that’s typical for this time of year. The US Dollar seems to be gaining more traction, although we’re still heavily in debt and over-extended. And while foreclosures are dropping a slight bit, we’re still up almost 100% compared to last year.
Home foreclosures in the Phoenix area dropped from June to July, but still are staggeringly higher than the same time last year.
Default Research finds that foreclosure activity from June to July dropped by 6 percent. However, the number of trustee sales recorded in the Phoenix area increased 95 percent from July 2007 to July 2008.
The total number of trustee sales in Maricopa County was 5,504, while Pima County recorded 391 in July. About 3 percent of Maricopa households had a notice of trustee sale filed against the property, while Pima County recordings accounted for about 1 percent.
Cities hardest hit with foreclosure sales in July were:
Maricopa County — Phoenix (2,010), Mesa (521), Glendale (421), Chandler (208), Surprise (206) and Gilbert (164).
Pima County — Tucson (347), Sahuarita (12), Marana (9), Oro Valley (9) and Vail (7).
Although the key here is more than what has been seen and what will be seen. With real estate sales at a 10 year low and mortgage loan amounts far outpacing market value, we’re teetering on the edge of a very dangerous cliff.
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