The stupendous rise in the rate of Phoenix foreclosures has left the people of this city sweating. Many have moved out the city in search for better opportunities. While not so long ago, builders had been steadily hiking real estate prices by a few thousand dollars each week, people were busy arranging for loan or credit to earn some quick money.
But as luck would have, new constructions such as Queen Creek are now facing dry times with hardly any buyers. Many, who had made choices in the heat of the moment, are increasingly facing foreclosure properties and not sure what they need to do in order to keep the roof on their heads. Till now, this year 75 homes in Queen Creek located in southeast of Phoenix have been repossessed by banks. So is the American Dream a myth now?
Subprime woes are fast claiming victims and the crisis has now escalated to greater heights. Additionally, the increase in interest rates and the decline in residential real estate prices have added to the pressure on people who own the houses they live in and hadn’t been able to calculate this shift in market scenario.
The year 2008 was the best year recorded so far for Phoenix foreclosures were the lowest that year. With only 5 homes with the Villages ZIP code filed for foreclosure, last year there were 15 victims and all in the last two months of the year. But this year, 2008, has seen an incredible rise with 75 homes filing for foreclosures in Phoenix. And this could just be a start to a bigger crisis as the real estate market in Phoenix remains soft and ARM mortgages on the verge of being reset.
Currently, the rate of Arizona foreclosures is on the rise for the current year. However, the same is also the situation in the Phoenix metropolitan region, which has been witness to over 500% rise this year alone. From January 2008 to October 2008, 7,139 homes were victims to foreclosure as per the Information Market data research firm’s report. There were 1,396 foreclosure filings in October alone, while 3,438 homeowners lack much behind their monthly payments in Maricopa County and took the initial step towards foreclosing. According to Director of Arizona Housing, this situation is only going to get worse!
Phoenix now ranks 15th among cities across the nation for foreclosures. According to RealtyTrac, Phoenix foreclosures were up by 45% from the second quarter of 2007, which is 2.5 times more than this time last year.
But as luck would have, new constructions such as Queen Creek are now facing dry times with hardly any buyers. Many, who had made choices in the heat of the moment, are increasingly facing foreclosure properties and not sure what they need to do in order to keep the roof on their heads. Till now, this year 75 homes in Queen Creek located in southeast of Phoenix have been repossessed by banks. So is the American Dream a myth now?
Subprime woes are fast claiming victims and the crisis has now escalated to greater heights. Additionally, the increase in interest rates and the decline in residential real estate prices have added to the pressure on people who own the houses they live in and hadn’t been able to calculate this shift in market scenario.
The year 2008 was the best year recorded so far for Phoenix foreclosures were the lowest that year. With only 5 homes with the Villages ZIP code filed for foreclosure, last year there were 15 victims and all in the last two months of the year. But this year, 2008, has seen an incredible rise with 75 homes filing for foreclosures in Phoenix. And this could just be a start to a bigger crisis as the real estate market in Phoenix remains soft and ARM mortgages on the verge of being reset.
Currently, the rate of Arizona foreclosures is on the rise for the current year. However, the same is also the situation in the Phoenix metropolitan region, which has been witness to over 500% rise this year alone. From January 2008 to October 2008, 7,139 homes were victims to foreclosure as per the Information Market data research firm’s report. There were 1,396 foreclosure filings in October alone, while 3,438 homeowners lack much behind their monthly payments in Maricopa County and took the initial step towards foreclosing. According to Director of Arizona Housing, this situation is only going to get worse!
Phoenix now ranks 15th among cities across the nation for foreclosures. According to RealtyTrac, Phoenix foreclosures were up by 45% from the second quarter of 2007, which is 2.5 times more than this time last year.
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