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FOR BUYERSAs the following articles indicate, the Phoenix area housing market is experiencing an increase in bank foreclosures, pre-foreclosures, and short sales. If you are interested in receiving information on this type of real esate, please click here and complete the information below, and I will regularly email you my Foreclosure Newsletter for free. Patricia Sommervold, HomeSmart Realtor
Report shows 2.4 million subprime loans headed to foreclosureThe Business Journal of Phoenix A new report shows the subprime mortgage crisis could get much worse. The Center for Responsible Lending estimates that 2.4 million holders of subprime mortgage loans made nationwide between 1998 and 2006 will lose their properties to foreclosure. The group also predicts that the wave of foreclosures will result in a net loss in home ownership of 1 million households. Subprime loans are particularly risky because rates and payments increase over time. Many of those higher rates have kicked in over the last six months while both the national and local housing markets slowed significantly. Foreclosures rocket in ValleyCatherine Reagor The number of Valley residents who lost their home to foreclosure spiked more than tenfold in the past year as more and more homeowners fell behind on their mortgages. The problem may soon get worse. Mortgage delinquencies hit a four-year high last month. Slower homes sales, dips in housing appreciation and homeowners unable to keep up with rising subprime mortage payments are all behind the jump in foreclosures. The Valley's housing market could take a hit if lenders try to resell foreclosed homes quickly by cutting prices. Too many foreclosures in one neighborhood can pull the area's home values down. "Our economy isn't bad, but foreclosures will continue to rise," said jay Butler, director of realty studies at Arizona State University Polytechnic. "The fallout from the subprime markets is just beginning." Last month, 553 Valley families lost their homes, according to the Information Market, a preperty-record research firm. At the same time, 1,705 homeowners got notices from their lenders that they were at least three months behind on their mortgage.
Nevada top for foreclosures. Arizona climbs up the list.Catherine Reagor Nevada has topped Colorado for the highest foreclosure rate, according to Irvine, California-based Realtytrac. A 70 percent jump in foreclosures put Michigan in he no. 2 spot. Georgia is third. And Arizona moved up to no. 5 for the number of people in danger of losing their properties.
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