Phoenix Area Foreclosures Increase 88 Percent in 2007

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Maricopa and Pima Counties see over 26,000 foreclosures.

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With residential vacancy rates down throughout the country, and especially in the Phoenix area, many of our clients who listened to the advice are making money on those properties by renting and waiting out the foreclosure crisis.

Default Research, the premier provider of real estate foreclosure data in Phoenix – Tucson area, is reporting that foreclosures in Maricopa and Pima Counties were up a dramatic 88 percent in 2007.    

According to Default Research (http://www.defaultresearch.com)], Maricopa and Pima Counties led the state with the highest number of Notice of Trustee Sales with 1.41 percent of the total population of homeowners in the Phoenix area entering foreclosure (please click on the file attachment to the right for a month by month breakdown). Even though it has been a devastating year for AZ foreclosures, there is an end in sight.

“The number of foreclosures should hit its peak in the next six to eight months in Maricopa and Pima,” said Serdar Bankaci, President/CEO of Default Research. “Our latest Phoenix foreclosure information reveals an improving situation in terms of foreclosures, and as the foreclosures decrease, the housing market will begin to improve too.”

A possible improving economy is welcome news from Default Research, the provider of the most current and accurate database of foreclosed properties in Arizona. Maricopa and Pima counties saw a large increase in home inventories in the third quarter of 2007, along with a decline in the median home price to approximately $265,000, which is down approximately $10,000 from the end of 2006.    

“For the last several months, I’ve been encouraging our clients to invest in these pre-foreclosure properties and turn them into rental properties,” said Bankaci, who lists foreclosure sales two to three weeks ahead of the competition. “With residential vacancy rates down throughout the country, and especially in the Phoenix area, many of our clients who listened to the advice are making money on those properties by renting and waiting out the foreclosure crisis.”

As foreclosures decrease in the Phoenix area, the bank foreclosure list provided by Default Research will begin to shrink too. As that happens, the Default Research information will become even more valuable to the savvy investor.    

“Less foreclosures means it will be even more critical for our clients to use our fresh data in 2008,” said Bankaci. “Being the first to approach a homeowner in distress has always been what sets a Default Research customer apart from the others and that advantage will be even more important next year.”

Default Research is the Phoenix – Tucson leader in foreclosure research. More information about Default Research can be found at its Web site: http://www.defaultresearch.com.

If you would like to learn more about this topic, or schedule an interview with Serdar Bankaci, please contact Josh Chernikoff at joshc@defaultresearch.com.

Media Contact:
Josh Chernikoff
Default Research
1-888-211-8396 x705
JoshC@defaultresearch.com
http://www.defaultresearch.com

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