Arizona Foreclosure Listings - Authority Speaks

Posted on August 6th, 2008 in Arizona by Alana

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.

Phoenix, Arizona

Janet Napolitano, Arizona’s governor said that the funding received would further help Arizona tackle the foreclosure problem and help repair affected neighborhoods. She was one of the governors who had urged President Bush to show support to the bill. Programs currently running in Arizona to help reduce Arizona foreclosure listings are to receive support by the new bill, besides the funding that will be provided to launch new schemes for the housing sector, the office also said.

Various programs have already been launched in Arizona to address the problems of the housing sector. The governor has been conferring with loan servicers and lenders to discuss ways of helping families from Arizona avoid foreclosures.

A toll free hot-line has been launched where local counselors trained specifically in foreclosure related matters will speak to people with foreclosure issues. A state legislation has been signed in order to regulate and provide licenses to loan originating personnel.

Representatives of the government, along with leaders of the community, lenders and more than a hundred and twenty five organizations have come together to form the Arizona Foreclosure Prevention Task Force, which will put in efforts to reach out to and educate people who are part of the growing number of foreclosures in the state.

An increase in funding for the Emergency Housing and Eviction Prevention program has been made. This program helps families facing hard times on a one time basis, providing funds for utility aid, payments for mortgage or rent and deposits for housing.

Additional resources have been added to the Housing Trust Fund which will finance training programs for counseling in foreclosures across Arizona and efforts to reach out to areas that have been hit the hardest. The bill passed by President Bush will help the program to continue.

Related Posts:

Arizona Foreclosure Listings Offer A Wide Choice Of Foreclosures As Arizona Posts Top State Foreclosure Rates

Posted on July 28th, 2008 in Arizona by Johnny

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.

Phoenix, Arizona

Arizona has been recording very high number of foreclosures and July has been no different. July witnessed an increase that has lead to, one out of every 20 mortgage borrowers in Arizona behind by at least 30 days on their payments. But that’s not all. Adding to the existing woes of the residents of Arizona are the declining prices of residential properties, mounting Arizona foreclosure listings, and a slow construction scenario. All combined together have pushed Arizona foreclosure rates to dizzying heights (no pun intended)!

Perhaps that’s why Foreclosure listings in Arizona have been a favorite haunt of not just real estate brokers and lenders but also real estate investors and first time homebuyers.

In June, one per every 201 Arizona households was facing various stages of foreclosure. This figure is 2.5 times the country average for foreclosures. Almost 13,000 foreclosure filings were reported from various parts of Arizona. Though this is almost a percent down from May, it is still 127% more from June last year.

The Arizona foreclosure listings are packed with all types of residential properties from almost all cities in the State including Maricopa and Phoenix Counties, where value of homes dropped by 25% but foreclosures increased by six times. According to the CEO of RealtyStore, Tim Chin, Arizona’s residential property prices will continue to fall through the year 2008 and may tend to stabilize only post the 2nd quarter of 2009.

And, with a glut of discounted foreclosures flooding the real estate market in Arizona, both the online foreclosure experts and brokers are hoping that Arizona foreclosure listings will attract more and more investors to carry the market from it current state to a better and more hopeful position.

Related Posts: