No matter the area, Flagstaff, Phoenix, Tucson or anywhere in between no area in Arizona is free of foreclosures and the reduction of home values. No price range has a lock on how to keep their neighborhood safe from banks that made risky loans to people who could not afford the mortgage.
You should be buying Arizona foreclosure listings now. The stock market is a complete mess on the best days but people will always need a roof over their heads, especially under the beautiful and hot Arizona sun.
Read more about AZ foreclosure listings and educate yourself on the communities you are most interested in or start shopping here for the foreclosure home that meets your needs. If you are facing a pending foreclosure call a local real estate professional and check out what options you have. Your options will depend on your particular situation. Situations may depend on where in Arizona your home is located, how much you owe or how much your home is worth.
Arizona is a sparsely populated state with pockets of metropolitan areas and cities. The foreclosure rate in Arizona is slightly higher than the national average and is exaggerated because of its unusual development patterns compared to California or the East coast.
Most AZ foreclosure listings are in Maricopa County, Pima County, Pinal County and Pima Counties.
Q. Does this mean that people in these areas don't pay their bills or that there are no jobs in these countries?
A. No, this is because these counties are the most densely populated in the entire state of Arizona, concurrently the higher the the population the more mortgages and the more foreclosures.
Q. Does this mean that people have given up or are leaving the state of Arizona in droves?
Q. Does this mean that the average cost of a home in Arizona has lost more of its value than in other places?
A. Most likely. People are more likely to let their home go to foreclosure and walk away the higher the percentage of lost equity and the more upside down they are on their mortgage.
Q. Why would Arizona be affected by a higher number of properties losing their value?
A. Arizona has been cursed with warm weather for a long while and like any other place with warm weather people move to Arizona about 5 times more often than to states in colder climates.
This transient population and influx of new citizens into Arizona keeps the cost of homes relatively stable until something upsets the apple cart and then a whole lot of apples are affected.
What has upset the apple cart is a down turn in the housing market across the globe, in the US and especially in Arizona.
Sub-prime mortgages have affected us all, even if you don't have a sub-prime mortgage.
Let's say that four houses on one cul-de-sac were all built by the same builder and all cost the same and were all bought the same day. Three of the houses had the normal 5% down and the mortgage was fixed. But that one house in the corner the one with the pretty blue shutters was bought by some one who used a sub-prime loan. This means that they bought the house without their hard earned savings (zero money down) they were not required to prove their income or anything else for that matter.
Well that fourth house with the sub-prime mortgage is probably has an adjustable rate mortgage as well. When that rate went up a couple of points and the home owner did not get that promotion and they bought that new car, you know the one. Well that was the end of their owning that home and now the value of all of the other three homes is reduced by the fact that the fourth house will be sold at a loss to get it off the banks books.
Your house has just lost value and you had nothing to do with it.
I say renegotiate your loan or walk.
It's like opening the mail and getting a bill for $100,000 that you knew nothing about. That bill belongs to the bank not you. It is their loss as they are the ones that set up the situation and profited in the short term while they ask you to pay $100,000 more than your home is worth because of their greed.Free Arizona foreclosure listings