Foreclosure notices hit single-day high
March 5th, 2008, 4:34 pm · Post a Comment · posted by mistywilliams
On Feb. 29, some 384 Valley properties entered the foreclosure process. That’s the single highest number of foreclosure notices recorded in recent history, according to research data firm Information Market.
A total of 4,613 properties entered foreclosure in February, according to the Glendale-based firm, which tracks foreclosure statistics. Another 2,197 properties were actually foreclosed on last month.
And in the first days of March, the number of foreclosures pending Valleywide surpassed 17,000.
Local industry experts say more foreclosures are on the way as home prices continue to fall, leaving residents owing lenders more than what their homes are worth. But some analysts are also saying that the foreclosure troubles could start to level off by the end of this year.
Read more on how the Valley’s latest foreclosure woes compare to prior housing downswings here.
VIDEO: A Gilbert couple talks about their grim prospects in today’s struggling housing market.
