Arizona Ranks #5 in Foreclosures Among States

Mortgage foreclosures were lower in November than in any month since June, but November 2008 saw 28% more home foreclosures than November 2007. The decline of 7% from October 2008 was likely influenced by the self-imposed holiday foreclosure moratoriums introduced by some lenders. See Mortgage Giants Suspend Foreclosures for Holidays. Other contributing factors, according to Realty Trac, were modification of some states foreclosure laws and more aggressive loan modification programs.

It’s questionable how effective loan modification programs can be in an environment of rising job losses. The number of first-time filings for state unemployment benefits jumping by 58,000 to a 26-year high of 573,000, the Labor Department reported Thursday, according to MarketWatch.com. The total number of people on unemployment compensation is the highest since 1982, and the number of people who applied for extended benefits is the highest since 1974, according to the same article. More than half of the homeowners whose loans have already been modified are already delinquent again, according to the U.S. Office of Thrift Supervision.

States with the highest number of foreclosures are: California, Florida, Michigan, Nevada, Arizona, Ohio, Georgia, Illinois, Texas and Virginia.

If you are interested in buying any home in Flagstaff, including one that has been foreclosed, contact Team Heitland at RE/MAX Peak Properties: 928-714-0001.