Arizona foreclosure rate leaps to 4th highest in nation
March 13th, 2008, 9:09 am · 1 Comment · posted by mistywilliams
Arizona claimed the fourth highest foreclosure rate in the country last month with foreclosure filings up more than 200 percent from a year ago.
The state has typically hovered around No. 8 in a monthly ranking of states with the highest foreclosure rates, compiled by national research firm RealtyTrac. But February foreclosure filings — default notices, auction sale notices and bank repossessions — were up 210 percent from a year ago, catapulting Arizona into the top five alongside California, Colorado, Florida and Nevada.
Arizona saw a total of 9,650 foreclosure filings last month. That’s roughly one in every 264 households, according to RealtyTrac. Maricopa County saw a 230 percent increase in filings compared to February 2007, while Pinal County experienced a 288 percent spike.
Nationwide, 223,651 foreclosure filings were reported last month, a nearly 60 percent rise from a year ago, RealtyTrac reported.
March 17th, 2008 at 6:40 pm
Misty,
As I was reading about the Bear Stearns fiasco, I just couldn’t take it any more and wrote a rant about the whole mortgage mess.
I sold my mortgage company, in Michigan, two years ago and moved to Scottsdale. I am appalled at this horrific mess.
Come on over to my blog..