Looking for real estate foreclosures? Now is the time to get in on the rush to invest in foreclosed property. In the latest news, every single state foreclosure rates are increasing.
While the government is working hard to save homeowners from going into foreclosure, it is not stopping the increasing real estate foreclosure listings from rising.
In February, the Realty Store online reported that Arizona was amongst the many states whereas the foreclosures list was decreasing. Still, this is one of the states in America that hit the highest rates in foreclosures with one of 182 homes going on the foreclosures list in January.
Realty Store statewide reported over 10,000 auction notes. This represented a 9 percent decrease since December of the previous year. Yet 17 percent above last January’s reporting of over 8500 homes in auctions.
NTS or Notice of Trustee Sale otherwise called NFS or Notice of Foreclosure filed by lending companies after many default notices were sent to the homeowners. This takes them to the second phase of foreclosure.
In Arizona, prices seem to be plummeting, yet in many other areas of the United States the house sales are dropping. Still, the home value has declined to over half the value within the last couple of years.
The trends are fallen but realtors around the globe are thinking that it will fall and rise until 2010. More than 70 percent of Arizona’s foreclosed homes were sold in Maricopa County.
In this county, it has become one of the fourth most famous areas and the Capital of Phoenix. In 2009, over 7300 homes were auctioned in this area alone. This made up for a 10 percent drop since 2008 in December. Yet it was a notable increase of 16 percent since January of last year.
Combined over 350 percent spikes occurred in foreclosures. Over 75 percent of the homeowners in Maricopa owed on their mortgage, owing more than their home value says a leading, national company. (Zillow)
Despite of the declines in foreclosed property, many real estate foreclosures are still being listed every day. From every corner of the world, homes are being placed on the foreclosures lists, which now is the time to start investing in these properties. Tax homes, government property, condominiums, multi-million dollar homes and more are going on those lists and being sold below market value.
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Written by Alex Rolim.
