Arizona’s April Foreclosure Rate Skyrockets!!!

In April, one in every 519 American households received either a default notice, bank repossession or auction sale notice, according to RealtyTrac’s U.S. Foreclosure Market Report. With foreclosure filings up 65 percent from a year ago, CodySperber.com takes a look at which ten states had the highest foreclosure rates.
 

Top 10 State Foreclosure Fillings In April 2008

1. Nevada – One In Every 246 Housholds Recieved A Foreclosure Notice
2. California – One In Every 204 Housholds Recieved A Foreclosure Notice
3. Arizona – One In Every 224 Housholds Recieved A Foreclosure Notice
4. Florida – One In Every 242 Housholds Recieved A Foreclosure Notice
5. Colorado – One In Every 349 Housholds Recieved A Foreclosure Notice
6. Maryland – One In Every 380 Housholds Recieved A Foreclosure Notice
7. Georgia – One In Every 422 Housholds Recieved A Foreclosure Notice
8. Ohio – One In Every 432 Housholds Recieved A Foreclosure Notice
9. Michigan – One In Every 440 Housholds Recieved A Foreclosure Notice
10. Massachusetts – One In Every 539 Housholds Recieved A Foreclosure Notice

Arizona Foreclosure activity in April increased 26 percent from the previous month and 181 percent from April 2007, helping to bump the state’s foreclosure rate up to third highest among the states. Foreclosure filings were reported on 11,620 Arizona properties in March, one in every 224 total households. (Source: RealtyTrac.)

“It is obvious to us that the number of homeowners that need a REAL SOLUTION to stop foreclosure is rising and the housing market is still declining”

CodySperber.com has the resources and team in place to handle any housing / financial situation. We Are Arizona Short Sale Experts! Our team of specialists are highly educated on Arizona’s foreclosure laws as well as the Foreclosure Process. Arizona Short Sales (http://www.codysperber.com/whatisashortsale.php) are our specialty and we offer a no-hassle, quick close without Realtors and the fees associated with a traditional sale. We pay cash for houses fast in the Phoenix – Metro market. We buy both nice and ugly homes and we can close within 3 days, sometimes faster or slower, depending on your financial needs. We are Arizona’s #1 “Cash For Houses” homebuyer dedicated to helping families in their time of need.

http://www.CodySperber.com/

Is RealtyTrac Overstating Foreclosures?

With Over 21,900 filed Notice of Defaults (ACTUAL NOD’s AS OF 10/26/07) in Maricopa County there is no doubt Arizona has many troubled homeowners.  The media loves a good story and normally a good story involves tragedy, heartache, and turmoil.  Should we believe the doom and gloom of the papers, or is it just their way of promoting the hype?

RealtyTrac, ranked the 3rd largest real estate site by MediaMatrix and one of the largest databases of foreclosure information reported as of JULY 2007 (4 months ago!) that number should be 27,515.  Now, I have never been that great at math, but that is a rather large difference.  Is this a bad thing or a good thing? 

As an investor, the bad press actually puts more money in my pocket, and as a Realtor it helps me get my clients to strategically price their properties without having to explain to them why last years appraisal means squat.  So in the end, I suppose I should thank the powers that be at RealtyTrac and the newspapers for outstanding reporting!  Just a thought….what’s yours?