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Plenty of Hot Home Deals in Phoenix Foreclosure Auctions

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By : Allana Castro    99 or more times read
Plenty of hot home deals are being offered in one of several Phoenix foreclosure auctions to be held by a private auction firm in Phoenix. This July, about 100 homes priced from around $18,000 to $450,000 will be sold off in the city by this auction firm. All the properties, priced at discounts of 15 to 20 percent, come with insurable titles with no liens or back taxes.

There are still a lot of auction foreclosures in Phoenix, as foreclosure activity had a resurgence in June in the metro area. Strategic defaults have been rising in the area as more mortgages become underwater and as the federal mortgage modification program fails to help troubled borrowers.

More than 3,800 Phoenix homes entered foreclosure in June, up by about 19 percent from around 3,200 distressed homes in May, although down by about five percent from over 4,000 filings in June last year. Around 40 percent of all house resales in June were homes that went through public Phoenix foreclosure auctions. Analysts in the area said that foreclosures could continue to increase as late payments and defaults are surging again.

The pace of public foreclosure auctions in Arizona slowed down by double-digits in June, but the number of homes that entered bank listings was still relatively high. A total of 5,894 homes were repossessed by lenders, accounting for 40.9 percent of the 14,424 homes that were hit with filings in June. Filings in Arizona dropped by 10.4 percent from May and by 14.3 percent from June 2009, but Arizona still ranked third in charts of foreclosure rates. The state ranked second in charts of foreclosure rates during the six-month period ended June.

In the second quarter, Arizona ranked second despite posting more than 18 percent of decline in filings from the first quarter and a four-percent decrease from the second quarter of 2009. A total of 45,613 homes received foreclosure filings and 37.9 percent of these or 17,293 homes entered bank listings. A substantial percentage of these were homes that were repossessed through public Phoenix foreclosure auctions.
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