Arizona Foreclosure Activity Up 18% in October
The Associated Press reported on Thursday, November 10, on a new report showing Foreclosures up almost 18% in October compared with September. 4,200 homeowners lost their homes in October, and 6,400 homeowners were served with notices of default, the first step in the process of repossessing a home.
Still, banks look like they are more open to the short sale process than foreclosure, as they have discovered that they get more money from a short sale than a foreclosure. In addition, with a short sale, a homeowner’s credit does not take such a big hit, and there is less negative impact on a community, as the home is not vacant as long.
The short sale process has also shortened and has become more streamlined in many cases.
Daren Blomquist of RealtyTrac, a California foreclosure listing firm, said that he expects Arizona foreclosure levels to remain high for a couple of years, but that “Arizona is past the peak of this foreclosure cycle. We’re at least headed in the right direction.”
Arizona homeowners facing the possibility of foreclosure in the future are encouraged to investigate and know their options. The Kenny Klaus Team offers education programs, both in person and online.
In Person:
An Avoiding Foreclosure Workshop will be held November 15, 2011 at Augusta Ranch Golf Club at 6pm, hosted by Realtor® Kenny Klaus, real estate law firm Mack and Drucker, and CPA firm Weech Financial. The event is free, and you can register online at Short Sale Workshop.
Online:
The Kenny Klaus Team invites homeowners to watch the free online video series, “ShortSale411” at TheKennyKlausTeam.com. This series answers six of the most commonly asked questions.
Homeowners can also call to set up a free one-on-one consultation with Kenny Klaus, Realtor® and Certified Distressed Property Expert by calling 480.354.7344.
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