Phoenix Area Forclosures Up 23 Percent In August 2008

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Maricopa County Tops 6,500 Trustee Sale Notices

Default Research, the premier provider of preforeclosure real estate data in the Phoenix area, is reporting that foreclosure activity from July 2008 to August 2008 increased by 23 percent. The year over year increase from August 2007 to August 2008 was up 276 percent. Overall, the area had approximately 2.86 percent of households entering foreclosure.

"The numbers over the past year certainly do not sound encouraging for Phoenix area residents," said Serdar Bankaci, founder of Default Research. "But, if you look at the whole picture, the region had 2.86 percent of residents enter foreclosure and that is not too far off the national average of just above two percent."

As for the two major counties in Phoenix over the past year, 3.3 percent of Maricopa households had a Notice of Trustee Sale recorded while Pima only had recordings of 1.15 percent of households. The total number of Trustee Sales in Maricopa County was 6,792 and Pima recorded 581 in August.

According to Bankaci, market indicators show a decline in price and an increase in inventories. He does not believe the region has peaked just yet, but he does expect foreclosure rates to start coming down in the next few months.

"Arizona and particularly the Phoenix metro region have a strong base for their economy," said Bankaci, whose foreclosure leads arrive two to three weeks ahead of the competition. "With government spending on tourism, education and construction in the billions, this region will recover and home prices will recover."

Below is a unique and accurate local look at how the Default Research foreclosure statistics affect your area:

Maricopa County: The hardest hit cities are Phoenix (3249), Mesa (823), Glendale (649), Surprise (462), and Scottsdale (390)

Pima County: The hardest hit cities are Tucson (513), Marana (19), Oro Valley (15), Sahurita (13), and Vail (9)

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. More information about Default Research can be found at its Web site: http://www.defaultresearch.com. For more detailed Phoenix area foreclosure statistics listed by county, please visit http://market.defaultresearch.com.

Since 2004, Default Research has been providing the freshest and most accurate foreclosure data and statistics to real estate professionals and investors. Default Research's proven data collection and distribution methods help us deliver our foreclosure lists two to three weeks ahead of the competition. The Default Research difference gives our clients a clear advantage in being the first to approach and help homeowners in distress. With the tremendous increase in foreclosure activity in the United States, Default Research prides itself on teaming up savvy real estate investors with struggling families to create a partnership that benefits both sides.

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