Arizona Bank Repo Homes Increasing with Spike in Foreclosures

Arizona State is in the southwestern part of USA. Phoenix is its capital city. Tucson is the second largest one. Arizona has a thriving economy. If it had been an independent country then Arizona would have ranked 61st in the world according to CIA-The World Facebook. It makes the economy of Arizona larger than Ireland or Finland. Arizona has been termed the state relying on ‘Five C’s’ _ copper, cotton, cattle, citrus and the climate that is ideal for a flourishing tourist industry. The government is the largest employer together with Wal-Mart in the private sector.

But balmy does have been overcast with dark clouds of foreclosure. Arizona Bank Repo Homes are dotting the landscape. Arizona is burdened with a 1.7 million deficit budget for 2009. Arizona can be bracketed with other states rocking in the same boat – Florida, California, Michigan and others.

By Arizona bank repo homes are meant those residential houses that have been foreclosed upon and repossessed by the banks after having failed to attract proper bidders at the auction. In Arizona both court as well as out-of-court foreclosures is permitted. In the first quarter of 2009 foreclosure activity increased in the State by 6% from the last quarter of 2008. It calculated to a staggering 79% increase from the first quarter of 2008. In March its foreclosure rates has made it rank 2nd in the nation. Previously it ranked 4th. It is a 105% increase from what it was one year ago according to the findings of RealtyTrac. During the first quarter one out of 54 houses was in some stage of foreclosure. In Mach 2009 18,876 foreclosure filings were noted showing 4% increase from February this year. It is 105% higher than March 2008.

James Saccacio the CEO of RealtyTrac observed, “Arizona foreclosures are up significantly, both in the first quarter and from this time last year. The state’s home prices fell more than three times the national average in 2008 and more than 180,000 jobs have been lost so far during the past year. These factors are undoubtedly driving the surge we’re seeing now in foreclosure activity.”

Five counties in Arizona were responsible for these foreclosures – Maricopa (37,683), Pinal (3,699), Pima (3,282), Mohave (1,530) and Yavapai (1,273). In Pinal County the foreclosure rate was the highest with 1:37 – it being 1.5 times higher than the average of the state and 4.3 times higher than that of the nation. In Maricopa County the rate was 1:41. In Mohave the foreclosure rate was 1:66.