Arizona foreclosures fall in November
December 19th, 2007, 10:40 am · Post a Comment · posted by mistywilliams
The number of new foreclosure filings reported in Arizona fell for the third month in a row in November. But will it last?
A total of 5,767 foreclosure filings — including default notices, auction sale notices and bank repossessions — were reported statewide last month, according to national research firm RealtyTrac. That’s a 9 percent drop from October but still marks a nearly 90 percent increase from the same month last year.
Nationwide, there were 201,950 foreclosure filings in November, a 10 percent decrease from the previous month but a nearly 68 percent rise from a year ago.
The 10 percent drop was the first double-digit monthly decline since April 2006, according to RealtyTrac.
“This could indicate that foreclosure activity has topped out for the year, but the true test of whether this ceiling will hold will come at the beginning of next year — when we anticipate that a seasonal surge in foreclosure filings and another possible wave of resetting mortgages could place further pressure on the housing market,” RealtyTrac CEO James Saccacio said in a statement.
Arizona ranked No. 8 on a list of the nation’s highest foreclosure rates. The top 10 also included Nevada, Florida, Ohio, Colorado, California, Michigan, Georgia, Indiana and Illinois.
