Arizona Foreclosure Listings - Great Option for Homebuyers

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Arizona Foreclosure Listings - Great Option for Homebuyers

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While foreclosures have been giving everyone sleepless nights, the residents of Arizona are feeling the pinch more than anywhere else, except Nevada and California, as Arizona foreclosure listings swell up with increasing number of delinquent properties.

Arizona has been recording very high number of foreclosures and July has been no different. July witnessed an increase that has lead to, one out of every 20 mortgage borrowers in Arizona behind by at least 30 days on their payments. But that’s not all. Adding to the existing woes of the residents of Arizona are the declining prices of residential properties, mounting Arizona foreclosure listings, and a slow construction scenario. All combined together have pushed Arizona foreclosure rates to dizzying heights (no pun intended)!

Perhaps that’s why Foreclosure listings in Arizona have been a favorite haunt of not just real estate brokers and lenders but also real estate investors and first time homebuyers.

In June, one per every 201 Arizona households was facing various stages of foreclosure. This figure is 2.5 times the country average for foreclosures. Almost 13,000 foreclosure filings were reported from various parts of Arizona. Though this is almost a percent down from May, it is still 127% more from June last year.

The Arizona foreclosure listings are packed with all types of residential properties from almost all cities in the State including Maricopa and Phoenix Counties, where value of homes dropped by 25% but foreclosures increased by six times. According to the CEO of RealtyStore, Tim Chin, Arizona’s residential property prices will continue to fall through the year 2008 and may tend to stabilize only post the 2nd quarter of 2009.

And, with a glut of discounted foreclosures flooding the real estate market in Arizona, both the online foreclosure experts and brokers are hoping that Arizona foreclosure listings will attract more and more investors to carry the market from it current state to a better and more hopeful position.

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