It’s Friday, and the foreclosures keep on coming in Phoenix:
Home foreclosures in the Phoenix area dropped from June to July, but still are staggeringly higher than the same time last year.
Default Research finds that foreclosure activity from June to July dropped by 6 percent. However, the number of trustee sales recorded in the Phoenix area increased 95 percent from July 2007 to July 2008.
The total number of trustee sales in Maricopa County was 5,504, while Pima County recorded 391 in July. About 3 percent of Maricopa households had a notice of trustee sale filed against the property, while Pima County recordings accounted for about 1 percent.
What else should we be looking at this morning? This is an open thread, so we welcome your links, comments and ideas.
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Economist Patrick Newport, with Global Insight, predicts two more waves of foreclosures:
http://www.foreclosureexpert.info/2008/08/2-more-waves-of.html
about a year ago i recall an article with a great graph. it showed the timeline for all of the resets on current mortgages. there was a HUGE spike in 2011 for the 5 year, interest only loans (refi’s and purchasesin 2006). at the time i beleive a quote in the article was something to the effect of “but i don’t beleive this will cause a foreclosure wave as most of these loans will be refinanced before then.” i’m just guessing….but i doubt most of those loans can be refinanced. beside giving some type of ridiculous bailout to homeowners, i don’t see this problem going anywhere for 2-3 more years.
Foreclosure Expert-
I also expect re-foreclosures from some of the “bulk foreclosure” market.
While there are outlying areas going cheap, I’m not certain that means that all of these homes are a bargain for investors. Some of these sales are in rental markets that are already glutted.
option arms are still available. we have a loooooooooong way to go.
http://forum.brokeroutpost.com/loans/forum/2/237591.htm
igor says dumb
Azsaluki -
And from what I understand, 60% of those loans were sold to California.
I’ve got some friends that are getting exciting about the drop in price and are thinking about buying. I’m doing my best to educate them!
There’s a group of townhomes where I live (~60 miles north of San Francisco) that was built just at the beginning of the downturn. Actually, they were halfway built, sat there for 6 months in the rain with no siding, then got finished. They’re in a commercial area, near a few grocery stores, the library, etc. Not built too well, but decent. They originally wanted $450,000. Then the price dropped to $300ish. Then $280,000. Then they had an auction. Last week a new sign went up – $178,000.
Ouch.
Can most of the ARMs really be refinanced now with the tighter lending standards?
And, what other industry is in AZ beside real estate? Tourism? Call centers?