Arizona Foreclosures
Hi, well there is some interesting news out there. According to ForeclosureRadar, default notices rose 16.6% in California for the fourth-straight month in August. Foreclosureradar has been tracking foreclosure rates in California since March 2007. They will now offer data for Arizona, Nevada, Oregon and Washington after tracking those states for a year. Foreclosureradar’s search capabilities will allow readers "to dynamically drill down to the state, county, city and zip code level of their choice."
The good news is that Foreclosures are down 20.3% from a year earlier in Arizona. In Arizona foreclosures fell 12.2% last month after rising 28.8% in July. However, apparently the Banks took back more properties at auction than they resold in August in Arizona, pushing the inventory of REO homes up 4.79% from July, and 60.48% from a year ago.
It seems to me, Arizona is bouncing along the bottom. Everyone asks, “when will we see the bottom?”. I think this is the bottom and the stats are saying we are bouncing along the rocky bottom. Now the question becomes, how fast will the economic tides race in? The is anyone’s guess.
One bit of encouraging news is Warren Buffett says the “American newspapers are way too gloomy”. He says that, “the American Economy is well on its way to correcting itself”. As the average American sheds personal debt, as the unemployed learn to downsize and live with family & friends, the last thing to be shed will be the massive governmental debt structure. Once that happens, Americans will be back to being the best place to manufacture, trade, and work. Once the costly debt of our government is downgraded, devalued and restructured, America will be able to competitively compete again on the world stage.
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