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Santa Cruz County, Arizona ranks number 56 of 100
counties in the nation with the highest percentage of households
facing
foreclosure, according to data provided in RealtyTrac's August 2007
U.S. Foreclosure Market Report.
In August, 243,947 foreclosure filings were reported nationwide;
up 36 percent from the previous month and up 115 percent from August
2006. This is the highest number of foreclosure filings in a single
month that RealtyTrac has reported since it began issuing the
monthly report in January 2005.
The report also showed a national foreclosure rate of one
foreclosure filing for every 510 households for the month; the
highest national ratio ever issued by the foreclosure tracking
company.
For homeowners in Santa Cruz County the ratio is even more
alarming. One of every 206.12 households in the county is now facing
foreclosure; more than twice the national average.
The State of Arizona reported 8,815 foreclosure filings in August
documenting an alarming 50.09% increase from the previous month and
a figure 242.60% higher than reported for August 2006. Arizona
ranked seventh among states with high foreclosure rates. One of
every 289 households in Arizona faced foreclosure in August.
With 15459 households and total foreclosure filings in August
reaching 75, Santa Cruz County is one of 3 counties in Arizona to
make the national list for counties with the highest foreclosure
rates.
Although it is unclear what may have caused foreclosure activity
in Santa Cruz County to spike, one thing is clear. The situation is
a national crises for homeowners with mortgages they can no longer
afford AND an unprecedented opportunity for investors and home
buyers.
The resources listed below can help you protect your home,
lower and even cancel your mortgage, or find a new home at a price
no one could have imagined just a few years ago. |
