Santa Barbara, CA (PRWEB) February 27, 2009 -
RealtyStore (http://www.realtystore.com), the nation's leading provider of foreclosure listings, released its Arizona Foreclosure Report.
Despite a decrease in foreclosure activity from December 2008, Arizona continues to register one of the highest foreclosure rates in the nation, with one in 182 homes being foreclosed upon in January 2009. RealtyStore.com recorded 10,001 auction notices statewide for January 2009, representing a 9% decrease from those recorded in December 2008; however, this figure is still 17% above January 2008 at 8,563 auction notices. An auction notice, also known as a Notice of Trustee Sale (NTS) or Notice of Foreclosure Sale (NFS), is filed by the lending institution when a homeowner fails to cure their default. This is the second stage of foreclosure where the lender formally records its intent to sell the property through a public auction.
"Eroding consumer confidence continues to plague the Arizona housing market as sales and home prices plummet," said Tim Chin, CEO of RealtyStore. "Home values have fallen by more than half over the past two years. This downward trend will continue well into 2010, as more foreclosed properties are off-loaded into a precarious housing market."
Over 70% of foreclosures in Arizona are occurring in Maricopa County. Maricopa County, the nation's 4th most populous county and home to Arizona's capital Phoenix, started off the year with 7,333 auction notices. This was a 10% drop from December 2008, a modest 16% increase from January 2008, but a whopping 350% spike from the auction notices recorded in January 2007. According to Zillow.com, a national real-estate information provider, 75% of all homeowners in the town of Maricopa owe more on their mortgages than the current value of their homes; the nationwide figure is at 18%. Home prices have fallen 36% this past year alone. On a positive note, Phoenix and its suburbs are still among the top seven metropolitan areas where Americans desire to live, according to a recent national survey conducted by Pew Research Center. The big question is whether Obama's foreclosure prevention plan, just launched in Phoenix, can make a dent in Arizona's faltering housing market.
Founded in 2005, RealtyStore.com is the fastest growing, most trusted provider of foreclosure listings and information in the nation with over 1 million pre-foreclosure, foreclosure auction, bank-owned, and tax sale property listings. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes extensive property characteristics (including pictures and maps), default and tax information, comparable home values, and neighborhood demographics information. For more information, visit http://www.realtystore.com.