The State of Foreclosures in Arizona 2014

The foreclosure rate in the Arizona State is estimated to be 0.07 percent and hence lower when compared to the national average rate of about 0.09 percent. However, there has been an increase in foreclosures within the state despite the rate being higher the national average rate. With an average of 6,246,816 people who have an average income of $60,448, the state has the highest foreclosure rate higher than other big States like California at 0.05 percent.

In a research done by the government agency late last year, 2013 indicated that Arizona as the seventh State in terms of the number of foreclosures. This has estimated to 7 in 100 houses had faced foreclosure in year thus making it among the states with the highest number of foreclosures. This was mainly registered in the largest four counties namely Maricopa County, Pima County, Pinal County and Yuma County respectively. This is much lower in other 11 counties of Arizona due to low population. In addition, 8 in very 100 residential properties were facing foreclosure.

Increase in Foreclosures

In the year 2013, the rate of foreclosure was the highest in the history of the State. Many financial experts contributed this to the imbalance between the demand and supply forces within the state. This was evidenced by the increase in the number of court cases disputing residential properties rising to 15 percent in the year when compared to 8 percent in the year 2012. Moreover, the State also had an increase in foreclosure activity when compared to the previous years. For instance, Maricopa County increased by 2 %, Pima County by 3 %, Pinal County by 3.5 % and Yuma County by 2.8 %respectively. This led to strict formulation of laws by the state senate to prevent further rise in the level of foreclosures within Arizona.

In the beginning of the year 2014, the number of foreclosures have been decreasing steadily at a rate of 1.2 percent and this may affect the general report at the end of the year 2014. This has also made the banks in Arizona to increase the mortgage rates by a range of 2.2 to 3.2 percent due to the potential threats by the state inhabitants due the increase in the foreclose rates.

In general, the state of Arizona have had 30,372 properties notified with several foreclosure filings, and this quite higher when compared to many other states. Despite the high foreclosure rates, many other states such as California, Illinois and New York takes the first 3 spots in terms of the highest rate of foreclosures in US. Many experts have also indicated that a huge percentage of the Arizona has been due to the unpredicted market forces in the last couple of years. Financial experts have also warned that lack of proper legislation about the foreclosures may lead to a market vacuum thus hindering growth of the sector.

In this regards, the State Senate has come up with many legislation to reduce the foreclosure rates thus enabling the investors to trust residents whenever they are offering mortgage to the residents. With the existing rates, the rate of foreclosure is likely to reduce to match that of other States in America. If you need to sell your house fast in Arizona because of an impeding foreclosure, get in touch with us, we might be able to help.

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