Arizona remains in the top ranks of U.S. states for foreclosures, according to the Phoenix Business Journal. The statistics come from RealtyTrac’s June report.
June’s online foreclosure market placed Arizona second for the rate of foreclosures during the first half of this year behind Nevada, and then third behind California and Florida for the total number of foreclosures within the six-month period.
One in every 30 homes in Arizona (about 3.4% of the housing market) was impacted by foreclosure during the first half of 2010. All in all, about 91, 484 Arizona homes were impacted by foreclosure in that period.
This number indicates a 1.6% decline from the previous six months, and it is an incrase of 1.9% from January to June of 2009.
On a national level, there were about 1.65 million properties impacted by foreclosure filing during the first half of the year, which accounts for 1.3% of the housing market or roughly one in every 78 homes.
In June, 14,424 properties were added to the pool of foreclosure properties in Arizona, but that number is 10% below May national totals, and it’s 14% below the national number in June.
Arizona was once one of the biggest booming housing markets in the nation before the slump, and it is now considered one of the hardest hit. Arizona has frequently been on the receiving end of government aid to help fight mortgage fraud and to try to help stimulate the housing market by providing the many struggling homeowners with options in an effort to try to reduce the number of foreclosures flooding the market. The HAMP site reviews Arizona’s “Hardest Hit” package:
Arizona ($125.1 million)
• Arizona will provide assistance in the form of principal reduction, interest rate reduction, and/or term extension programs with the goal of allowing borrowers to enter into a permanent modification program.
• In circumstances where a second lien is prohibiting modification of a first lien, the state will provide assistance toward elimination of the second lien.
• The state will also offer assistance to the under-employed while they seek new employment. This assistance may be used to pay monthly mortgage payments or remove second mortgages where that second lien is prohibiting the modification of a first lien.
