Santa Barbara, CA (PRWEB) September 25, 2009
RealtyStore (http://www.realtystore.com), the nation's leading provider of foreclosure listings, released Foreclosure data for the State of Arizona.
RealtyStore.com recorded 3,422 notices of default (NODs) statewide thus far in 2009, up 26% from 2008 and nearly 3X the number for 2007 (up 297%). A NOD is filed by the lending institution, when a homeowner falls behind on mortgage payments. NODs provide important information about which homeowners have home loans they cannot afford.
According to RealtyStore.com analysts, a new wave of foreclosures is emerging: "While some areas have had a high level of foreclosures since 2007 (such as Maricopa County), we are seeing areas previously unaffected by the real-estate downturn which are now showing record increases in the number of foreclosures. Coconino County, for example, is showing a 175% increase over 2008 figures, 395% compared to 2007," said Tim Chin, CEO of RealtyStore.com
While Arizona notice of default numbers are modest compared to its troubled neighbor Nevada, there are signs of increased volatility in Yavapai Pinal Mohave and Navajo Counties. While this clearly has an adverse effect on Arizona existing homeowners, the new volatility has had a positive effect on the rental properties in the area, and more importantly represents a boon for renters looking for their first home and investors looking for distressed properties. "We currently have 95,373 Arizona records listed on our site," stated Tim Chin. "About half of these are tax sales and half are homes in one stage or another of foreclosure."
Emblematic of this trend is a home in Navajo County for sale at $129,000 - $36,000 below its estimated value. Also selling for $129,000 is an upscale condo in Scottsdale, 2bedroom/2 bath with 917 square feet, with an estimated value of $210,000. This property has become an REO, and the bank is willing to part with it for nearly 40% of its value. (Scottsdale is an upscale community of just over 13,000 households in the North part of the City of Phoenix.)
The increase in foreclosures is by no means over. With ARM mortgages creating a new wave of NODs, the new homebuyer or investor is faced with a bounty of opportunities the like of which hasn't been seen since the 1970s. Financial advisor Suze Orman recently commented in the Oprah Winfrey show that homebuyers are likely to get "the deal of a lifetime" by purchasing a home in 2009.
About RealtyStore.com: 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.
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