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Foreclosure rate in Arizona continues to drop

| Apr 10, 2014 | Real Estate Transactions |

Foreclosure is one of the most frightening prospects a family can face. It threatens to rip the family away from their home, which is so often central to their lives together. Without the family home, homelessness and displacement are terrifying possibilities. Thankfully, it is sometimes possible to mount strong defenses against unlawful foreclosure and reclaim the family home.

Not too long ago, reports were released that indicated a drop in Phoenix foreclosure. There is some good news — these rates have continued to drop and foreclosures appear to be happening less and less in Phoenix. The research also indicated that Phoenix homeowners have improved at making their mortgage payments in a timely manner.

According to reports, foreclosure inventory throughout Phoenix dropped by around 56 percent yearly in January. What’s more, the foreclosure rate in Phoenix was at .59 percent in January. This is significantly lower than the national average, which is at 1.97 percent.

Arizona State University also released housing reports, which show that the number of pending foreclosures is considered to be at a normal level. This number is also declining slowly. In Maricopa County, a normal level of foreclosure is considered to be 1,425 per month. January saw 1,013 foreclosures throughout the county.

While these trends point to a hopeful future for real estate matters in Phoenix, there are still many for whom foreclosure is a terrifying and immediate threat. For these people, there may not be much solace in such statistics. They may desire an alternative to foreclosure. They may also desire aggressive legal action and strong defense strategies that allow for the possibility of halting foreclosure and preserving the family home, so they can begin to focus on the future.

Source: KTAR, “Is Phoenix foreclosure rate bouncing back?,” April 1, 2014

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