More than 27,500 foreclosure filings — including default notices, auction sale notices and bank repossessions — were reported in Arizona during the first six months of the year. That’s a 118 percent increase from the same period a year ago, according to research firm RealtyTrac.Those filings were reported on 15,551 properties, a report released today shows. Nationwide, 925,986 foreclosure documents were filed in the first half of 2007, up more than 55 percent from the same period last year.Topping the company’s ranking of states dealing with foreclosure woes are Nevada (No. 1), Colorado (No. 2), California (No. 3), Michigan (No. 4), Florida (No. 5), Ohio (No. 6), Georgia (No. 7), Arizona (No. 8), Connecticut (No. 9) and Indiana (No. 10).

June sales of new Valley homes were down 31 percent from May of last year, while building permits also continued to slide, according to the latest housing market statistics.So far this year, 19,437 new houses have been sold, a 22 percent drop from the 24,870 sold during the same period in 2006, a study by local analyst RL Brown shows. Permits were also down with builders taking out 3,490 permits for new homes in June, compared with 4,900 during the same month last year.Nationwide, sales of new homes fell 6.6 percent in June from the month before, dropping to a seasonally adjusted annual rate of 834,000 units. That’s down 22.3 percent from the June 2006 estimate of nearly 1.1 million units, according to the U.S. Census Bureau.June’s median sales price of new houses across the country was $237,900.

Sales of existing homes across the country hit a nearly five-year low last month, falling 3.8 percent from May to a seasonally adjusted annual rate of 5.75 million units. That’s also down 11.4 percent from June 2006, according to the National Association of Realtors.The group’s senior economist, Lawrence Yun, said a mix of hesitant buyers, rising interest rates and tightening lending standards are hampering sales.Still, the number of existing homes for sale dropped by 4.2 percent in June. And the median price hit $230,100, up 0.3 percent from the same month last year. That’s the first time in 11 months the median was higher than the year-ago price.

The AARP recently announced its annual rankings of the top five places to live for people over 50, and Chandler claimed one of the prized spots.The list is based on criteria, such as mass-transit systems, walkway systems, health care and a wide range of mixed-use housing.Here’s what the AARP had to say about Chandler:"Gracious desert living combined with an activist twist that encourages residents to get involved with the spirit of the town. A city climate and plenty of parks and open space to provide ample recreation opportunities."Others on the list included: Atlanta, Beacon Hill in Boston, Milwaukee and Portland.The group also named four cities to watch: Austin, Texas; Burlington, Vt.; Mankato, Minn.; and Traverse City, Mich.

Recently, a national financial analysis company ranked the Valley No. 25 on a list of the most overvalued housing markets in the nation at 43.9 percent. Prescott ranked No. 2 at 64.6 percent.Phoenix’s median home price — where half cost more and half cost less — jumped from $140,000 in the first three months of 2003 to $257,000 during the same period this year, according to Global Insight. That’s an 84 percent spike.Overall, the company found 54 out of 317 metropolitan areas to be overvalued in the first three months of 2007. That’s an improvement from 62 metros at the end of last year. To come up with the list, Global Insight looked at household population density, mortgage interest rates, relative income levels and characteristics unique to each metro area’s history.Here are the top 10 overvalued housing markets according to the report:Bend, Ore. - 78.7 percentPrescott, Ariz. - 64.6 percentNaples, Fla. - 63.4 percentMerced, Calif. - 63.2 percentMadera, Calif. - 62.9 percentMiami, Fla. - 59.2 percentAtlantic City, N.J. - 57.8 percentRiverside-Bernardino, Calif. - 56.7 percentSalinas, Calif. - 56.3 percentFlagstaff, Ariz. - 55.6 percent

Looking to appeal to the estimated 80 percent of homebuyers who start their house hunt on the Internet, Arizona developer Cachet Homes is revamping its Web site www.cachethomes.net. Buyers will be able to search for houses by location, size, amenity-level or lifestyle choice.The Scottsdale-based firm plans to build more than 2,000 homes over the next five years, generating more than $1.2 billion in revenue. Cachet, which recently moved into new corporate headquarters, currently has 12 developments throughout the Valley and will build a projected 300 homes by the end of this year.

Nationwide, builders took out new home permits at a seasonally adjusted annual rate of 1.4 million — a 7.5 percent decline from May and 25.2 percent drop from the same month last year.Construction of new homes has also taken a major hit in the Valley, as builders pause and reevaluate their next steps. They’ve suffered not just from the housing downturn but also tightening lending standards, resulting from the subprime mortgage meltdown.Still, building activity hasn’t come to a complete hault. Several new, smaller projects are being planned for Scottsdale in the McDowell mountain preserve area, along with other subdivisions across the East Valley.Office and industrial developments are also on the rise, especially in the areas near the Chandler and Scottsdale airparks.

The number of Arizona properties entering foreclosure fell slightly last month to 5,711. That’s a 3.5 percent drop from May but still a whopping 168 percent spike from June 2006, according to RealtyTrac, which tracks the foreclosure market.The foreclosure rate also declined across the nation with 164,644 filings, down 7 percent from May.The other top 10 states for foreclosures included Nevada (1), California (2), Colorado (3), Florida (4), Ohio (6), Michigan (7), Georgia (8), Connecticut (9) and Indiana (10).

A projected drop in new home construction is expected to help the residential real estate market edge toward recovery in 2008, according to the National Association of Realtors.The national trade group is forecasting that existing home sales will start picking up later this year, climbing to 6.11 million in 2007 and rise to 6.37 million in 2008. Those numbers are still lower than last year’s 6.48 million sales, however. Also, NAR anticipates that new home sales will reach 865,000 in 2007 and climb to 878,000 in 2008, compared with 1.05 million last year.The association also expects the median existing home price to rise 1.8 percent to $222,700 next year, following a 1.4 percent decline in 2007.

A climbing number of Americans are missing payments on their home equity loans, new statistics show. According to the American Bankers Association, consumers’ overall financial health took a hit in the first three months of the year, as job growth slowed, home prices fell and overall economic growth weakened.Home equity loan delinquencies rose to 2.15 percent in the first quarter 2007, up from 1.92 percent at the end of last year, association data shows.But all the news wasn’t bad. During that same period, credit card loan delinquencies fell to 4.41 percent, compared with 4.56 percent in the fourth quarter 2006.