Foreclosure rates and the number of foreclosed homes in Arizona eased up a bit during the month of June 2010. However, the state still felt the pinch of economic stress, according to the recent report released by the Associated Press which examined the condition of economies in different areas of the U.S.
Local areas in the state still recorded high foreclosure rates, with the number of properties under Mesa foreclosure auctions being some of the highest in Arizona. These numbers though, are slightly lower than previous months' figures; which means that the housing market of the state is in a slightly better position than previous periods.
Despite declines in foreclosed properties under Arizona home auctions, the AP report stated that national economic trends affected each state and contributed to most of these areas' economic stress levels. Increased bankruptcies in the Western region and higher foreclosure rates in some areas contributed to the rise in national economic stress levels; effectively offsetting the positive impact of lower unemployment rates in most major regions.
Although Arizona had been one of the states that suffered most from huge numbers of foreclosed and repossessed houses during the start of the housing market crisis, the state was not among those that recorded significant increases in foreclosure rates during the month of June. However, the state earned an economic stress score of 15.13, lower only than four other states which included Nevada, Michigan, California and Florida.
According to the report, the high rates of bankruptcies in the Western region were primarily caused by rising number of foreclosure houses sales and other activities related to foreclosures, with most properties being worth less than their original mortgages. In addition, the oil spill disaster put pressure on states and counties in the coastal area.
One Arizona locale made it to the top five counties all over the U.S. with the highest level of economic stress. Yuma County earned a 28.37 score in terms of economic stress, coming second only to Imperial County in California. Two Nevada counties also made it to the top five, while another California county rounded up the top rankings.
Although repossessed houses and foreclosure rate statistics declined in Arizona, the impact of nationwide factors weighed down the economic status of the area, resulting in the state gaining the fifth spot among regions with the highest levels of economic stress for June 2010.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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