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Dwindling Arizona Foreclosure Listings Expected

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By : John Cutts    99 or more times read
Since October 2008, the median new home price in Arizona hovered to about $210,000 after it declined to a record low of almost $200,000 in September of the same year.

According to analyst RL Brown, resale of houses in foreclosure listings, declined by nearly 30 percent since September of the previous year.

Brown noted that the current trends may indicate that the new-home market crisis in Phoenix and anywhere else in Arizona is nearing its end.

That may bode well for Arizona where filings for foreclosure listings in January 2009 reached 5,250. The state has the second highest number of properties in foreclosure listings, one in every 147 housing units, in February of this year.

The current housing market data is a bit of an improvement from figures of the previous months despite the slowing of home building activities, with only about 248 permits for single-family units issued in Pinal and Maricopa counties last month and decline of new-home sales. Nevertheless, over 713 new-home deals were closed in February.

According to Brown, sales of new homes surpassed the number of newly-built houses by 7,800 units.

However, not all that is going on in Arizona’s housing market is positive as resale of properties in foreclosure listings continues to destabilize the market.

But Information Market’s expert on real estate data Tom Ruff’s prediction provides hope that foreclosure listings in the state will eventually narrow down.

He expected foreclosure rate in the state to dwindle down this month. However, he cautioned that the decline is just temporary but he hopes that it will give respite to owners of distressed properties.

To expound on his prediction, Ruff said that the number of properties in Arizona’s foreclosure listings was higher last month because most foreclosure moratorium ended in February. Those foreclosures that were scheduled to be filed before February were put on hold and filed during the month after the moratoriums lapsed.

Compared with February foreclosure rates, March figures would be significantly lower. But the respite will not last long as a foreclosure moratorium under a federal housing plan is expected to expire soon.

Nationwide, foreclosure rate for the first months of this year increased by 30 percent from a year ago. As foreclosure continues to rise, banks postponed placing properties for foreclosure listings sale.

However, experts believed that the foreclosure crisis will continue to hound the lives of Americans if unemployment and recession will not be resolved.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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