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America's Foreclosure Epidemic

 

Foreclosures in Maricopa, Pima Counties - Highest Ever Recorded 

Area Sees Increase of Over 240 Percent from Same Time Last Year.
 
Phoenix, AZ, May 14, 2008 --(PR.com)-- Default Research, the premier provider of foreclosure real estate data in the Phoenix area, is reporting that foreclosure activity has surged in Maricopa and Pima counties with increases from April 2007 of 331 percent in Maricopa and 241 percent in Pima. In Maricopa County 4,241 unique Notices of Trustee Sales were recorded in April of 2008 and 456 were recorded in Pima County. This is the highest number of Notice of Trustee Sales Default Research has ever recorded in one month in the Phoenix area.

According to Default Research (http://www.defaultresearch.com), in Maricopa 2.24 percent of homes are facing foreclosure and in Pima, that number is approximately .94 percent. Serdar Bankaci, founder of Default Research, explained that with all the speculative buying that occurred in this area, it is no surprise that we are seeing such a high foreclosure rate.

“Median home sales prices have been dropping for the last 12 months. That can be an indicator that the market might drop even more,” said Bankaci, who provides the freshest and most accurate foreclosure lists in the Phoenix area. “The good news is that in the past 30 days the housing inventory actually fell, and the area has a good foundation and will bounce back once the market adjusts.”

 

Below is a unique and accurate local look at how the Default Research foreclosure statistics affect your area:

Maricopa County: The hardest hit cities are Phoenix (1550), Mesa (417), Glendale (325), Surprise (231), and Gilbert (223)

Pima County: The hardest hit cities are Tucson (384), Sahuarita (19), Vail (16), Marana (16), and Green Valley (13)

Default Research is Arizona’s leader in foreclosure research, reporting Notice Trustee Sales days after being recorded. More information about Default Research can be found at its Web site: www.defaultresearch.com. For more detailed Arizona foreclosure statistics listed by county, please visit http://www.market.defaultrsearch.com.

 

 

 

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