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Together with California, Florida and Nevada, Arizona bank foreclosures rate has increased considerably during the first quarter of this year. According to the Mortgage Bankers Association of America , the national foreclosures rate would not have increased by almost 20 percent were it not for the activities in these states.
The high foreclosures activity is not the only thing that these states have in common. Real estate speculators played a risky game in these areas and when they were no longer earning, decided to move on to greener pastures. They left behind thousands of homes to foreclosures. Because of this, home appreciation rates dropped resulting to a more sluggish market condition. In Phoenix, home prices dipped by about 5 percent compared to last year. Considering that the metro area of Phoenix comprises over 75 percent of Arizona’s housing market, such drop in home prices greatly affects overall market performance.
As of May, Arizona has the 6th highest bank foreclosure rate with one filing for every 370 homes. Compared to 2006, the state foreclosures rate has soared by 197.99 percent. Despite this, it looks like that Arizona has a chance to recover more quickly than the other states in the same situation. Why? The state boasts of a very low default rate. In fact, for the month of May, there was no notice of default filed. And with a low default rate, there would be less number of Arizona foreclosures.
If Arizona will continue to have a low default rate, then the market can eventually correct itself. Right now, interest generated by these Arizona foreclosures is quite high. The large inventory, historically-low interest rates and competitive prices would certainly attract hordes of potential buyers. For the best deals, buyers should consider Foreclosure Data Bank.
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