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Properties under foreclosure homes list accounted for almost 50% of the total number of housing units sold in Arizona last year. The region was second among the 50 U.S. states in terms of foreclosure sales in 2010. Meanwhile, nationwide foreclosure sales percentage declined from a year ago, but was higher than 2008 figures.

Houses under Phoenix foreclosure listings and distressed home listings from across Arizona accounted for 49% of the total number of residential properties sold during 2010. The state was second only to Nevada, which posted a 57% foreclosure sales last year. Despite the high number of foreclosed property sales, local housing industry analysts are seeing some positive signs for Arizona as the figure declined from the 2009 peak of 54%.

The fourth quarter of 2010 contributed to the almost 50% foreclosure sales of the state for the full year as Arizona foreclosures listings accounted for 59% of all residential purchase transactions completed during October-December 2010. The figure represented an increase from the 2010 third quarter, when 54% of total home sales were attributed to foreclosures. Nationwide, the percentage has declined from the previous year, but remained higher than 2008 levels.

Residential properties at foreclosure homes list got 26% of total U.S. housing sales last year, down from the 2009 level of 29%. However, it was still much higher than the 23% recorded in 2008. A total of 831,574 REO and foreclosed properties were sold in the U.S. during the full 2010 period.

The volume of properties under list of bank foreclosures that were sold last year represented a decline of 31% when compared with 2009. Although the percentage of distressed property sales for last year was higher than the percentage recorded in 2008, the 2010 sales volume still represented a decrease of 14% from two years ago. The impact of distressed properties on non-foreclosed home sales remained significant though, as non-foreclosure sales dropped last year by 19% when compared with 2009 and posted a decline of 27% compared with 2008.

Real estate analysts stated that properties in foreclosure homes list will continue to impact the non-foreclosed housing market and it will take some time for the inventory to ease down. Prices of homes are expected to remain low in 2011, mainly because of foreclosure oversupply.

Last week, two events which centered on providing mortgage assistance to troubled borrowers were offered in Phoenix. The said events come at the right time considering the growing demand for foreclosure listings service. Unfortunately, the turnout was lower than expected.

There are two possible reasons for such lukewarm reception. It could be due to the chilly winter weather experienced in the past couple of days. Or, it could be the fact homeowners are giving up hope and no longer interested in preventing their homes to be among those featured in Phoenix foreclosure listings. The latter reason is understandable since many homeowners who tried to solve their mortgage problems received a chilly reception from their lender.

The events were actually sponsored by two mortgage giants, JP Morgan Chase and Bank of America. These lenders have always been vocal about their desire to help distressed borrowers avoid getting their homes included in Arizona foreclosure lists or in any foreclosure listings service for that matter.

The Chase-sponsored event focused on providing helpful information to homeowners who are currently underwater and are considering short sale as a way out of their mortgage trouble. The activity was held at the Wyndham Phoenix Hotel.

Meanwhile, just a couple of blocks away is the mortgage assistance event organized by the National Assistance Corporation of America, wherein Bank of America is one of the major sponsors. This particular event tackled security among other things. It was held at the Phoenix Convention Center.

Whatever the reason for the low turnout of attendees, the fact remains there are literally millions of repo homes for sale in foreclosure listings service across the nation. But it is indeed alarming if the main reason for the low turnout is because most of these distressed borrowers are no longer thinking about finding a way to stop foreclosure and are just simply waiting for the time to walk away. Obviously, this will spell trouble for the entire housing industry.

Arizona repo home listings continue to surge to an unprecedented high of 79 percent in the first quarter of this year compared to the same period the previous year. This unabated spread of foreclosures ranked the state number two in the country in terms of foreclosure rate.

About 49,119 properties in Arizona received foreclosure filings in the first three months of this year, representing a 6 percent jump from the last period of 2008 and 79 percent increase compared with the first quarter a year ago.

Last March, Arizona registered 18,876 homeowners who received foreclosure filings, 4 percent higher from February and a whooping 105 percent increase from March of 2008.

This ever-increasing surge in the number of foreclosed homes in the state spawned a new breed of fraudsters who victimized homeowners in danger of going into repo home listings. Con artists know that many of distressed homeowners are desperate to avoid foreclosures and they use this knowledge to victimize them.

To address the growing number of foreclosure fraud cases, Arizona has intensified its efforts to stop these con artists from further ruining homeowners’ lives. Attorney General Terry Goddard has made an effort to make these con artists accountable for their crimes.

Goddard’s office has a pending lawsuit filed against Richard Winer who operates several limited-liability companies, including Homeowner Solutions LLC, Filibuster LLC, Taken Care of Investments LLC and Bourbon Street Property Management LLC.

Winer is charged of defrauding an estimated 400 homeowners in Arizona through his companies. According to court records, Winer and his sales team did their homework well by choosing only homeowners whom they could easily convince about their bogus service.

Court records said that Winer and his team would approach distressed homeowners, talk to them and promise them a sure way to save their properties from foreclosures. Winer and his team would structure the deals in such a way that would allow them to take over the distressed houses and their equities.

Meanwhile, Goddard conducted a criminal investigation of Bobby John Herrera who defrauded about 47 homeowners by posing as someone with influence over mortgage lenders and who could pave the way for preventing foreclosures.

Herrera took away around $1,245 upfront fees from each homeowner. He pleaded guilty on charges of fraud and was sentenced to prison and to give restitution payment of $73,000.

Goddard said that complaints about repo home listings fraud increased 30 percent in the state, with an estimated 450 homeowners losing their properties on fraudulent schemes.

The Arizona Department of Housing (ADOH) has launched a program that it hopes will help reduce the growing list of bank foreclosed house in the state. The Your Way Home AZ, which will be made available in 13 counties, will subsidize 22 percent of the sale price of a foreclosed property for those who are eligible for assistance.

Closely following the state of Nevada in terms of foreclosure rate, Florida is certainly getting pummeled and beaten by the crisis in the housing industry. According to reports released by RealtyTrac, the Sunshine State leapfrogged ahead of California and Arizona based on its month-over-month foreclosure activity, placing it at the #2 spot. Compared to last August, Florida foreclosure listings has increased by 9 percent.

On Wednesday, the governor’s office spoke of Arizona receiving federal funds to help battle the increasing number of Arizona foreclosure listings through the bill that was signed by President George W. Bush. The bill hopes to provide home owners with options to refinance loans of home owners unable to make their current mortgage payments.

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.