Arizona One of the Top Foreclosure States

Arizona is one of the top states when ranking the number of foreclosures , says Realtytrac’s latest survey. It sits on second place, next to Nevada which ranks #1 in the country. According to the report, one in thirty households have filed for foreclosure.

From January to June of 2010, 91,484 properties were foreclosed, making up 3.4% of the entire market. That number did go lower from the previous month’s, though it reflects a 1.9% increase from the same period of the previous year.Of all the Arizona foreclosures, Maricopa County has the highest rate of foreclosures with approximately 11,429 foreclosures filed.

According to Credit.com, over a quarter of the home sales recorded between January and April of this year were from foreclosures. Foreclosed homes are attractive to both homeowners and investors, because of their wide availability and low price. Many banks are offering them at discounts, just to lighten their inventory.The government has been giving incentives to those looking into buying REO homes, and lenders like Fannie Mae have been instrumental in helping buyers and borrowers lower the chances of foreclosure. However, the report is skeptical if the housing market can make such a quick recovery, citing high unemployment rates as the culprit as to why many homeowners still may be facing foreclosure. Also, the numbers reflected in their survey could be skewed due to the slow processing of foreclosed homes in the area.

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