The number of Valley homeowners losing their homes to foreclosure has shot up 566 percent so far this year, a result of the housing market’s slowdown and rising interest rates on a variety of risky mortgages.
Through October, there were 7,139 foreclosures, according to the data research firm Information Market. That compares with 1,072 foreclosures for the same period last year.
Last month alone, 1,396 Valley homes fell into foreclosure, compared with 934 in September.
Additionally, in October, 3,438 homeowners fell behind on their mortgage payments, and lenders took the first step toward foreclosing by filing a notice for a trustee sale. During September, 2,830 of those pre-foreclosure notices were filed in Maricopa County.\
Source: http://www.housingdoom.com/
Through October, there were 7,139 foreclosures, according to the data research firm Information Market. That compares with 1,072 foreclosures for the same period last year.
Last month alone, 1,396 Valley homes fell into foreclosure, compared with 934 in September.
Additionally, in October, 3,438 homeowners fell behind on their mortgage payments, and lenders took the first step toward foreclosing by filing a notice for a trustee sale. During September, 2,830 of those pre-foreclosure notices were filed in Maricopa County.\
Below a picture that puts the foreclosures in perspective:
Listings (huizen te koop) are shown with green signs, foreclosures are represented by gavels (zwarte schuine streepjes). This is a suburb of Phoenix (El Mirage).
Source: http://www.housingdoom.com/
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