Phoenix Tucson Area Foreclosure Up 158 Percent in 2008

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Maricopa County Tops with Nearly Four Percent of Households in Foreclosure.

Default Research, the premier provider of pre foreclosure real estate data in the Phoenix-Tucson area, is reporting that foreclosure activity increased 158 percent last year. According to Default Research, foreclosures in Maricopa County increased from 22,426 in 2007 to 60,860 in 2008, and Pima County saw an increase from 3,117 in 2007 to 5,095 last year.

"Although increases over the last year are obviously high, we saw significant improvements in this region in the fourth quarter of 2008," said Serdar Bankaci, founder of Default Research. "Median home sales prices increased and inventories declined in December, while both November and December saw declining foreclosure rates."

In Maricopa approximately 4 percent of households are in foreclosure, while Pima has only 1.2 percent of households in foreclosure. According to Bankaci, although it is still going to take some time to clear out the foreclosed homes on the market, he expects a rebound in Maricopa sooner than some of the other more volatile regions in the country, such as South Florida and California."

"Not only are market indicators positive all over the Phoenix region, the foreclosure situation in Arizona, and across the country, should improve by the third quarter of 2009," said Bankaci, whose daily pre foreclosure lists are e-mailed directly to real estate professionals in the region. "That is when the significant action taken by the government's bailout plan in 2008 should trickle down into the economy. Once the interest rate cuts by the government and other stimuli begin to benefit the consumer, the foreclosures should slow down and Arizona will bounce back quickly."

Below is a unique and accurate local look at how the Default Research foreclosure statistics (December 2008) affect your area:

Maricopa County: The hardest hit cities are Phoenix (1508), Mesa (476), Glendale (338), Chandler (227), and Gilbert (208)

Pima County: The hardest hit cities are Tucson (258), Vail (14), Marana (10), Oro Valley (9), and Green Valley (7)

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 pre foreclosure listings and statistics to real estate professionals and investors. Default Research's proven data collection and distribution methods help us deliver our pre 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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