After two months of positive news in the Phoenix Housing market, the numbers for June 2010 revealed a disappointing increase in the foreclosure rate from 33% to 36%. This is according to a Realty Studies report released by the WP Carey School of Business at Arizona State University.
The report’s authors attribute the rise in foreclosure rates to the continuing downward trend in Arizona home prices. As home prices decline, more people find that they owe more on their homes than they’re worth and decide to walk away from the investment.
The report also does not expect the trend to reverse itself anytime soon. With a lackluster Arizona job market and strict mortgage underwriting guidelines, few people will be able to purchase n new home – even if they wanted to.
The full report is available at the ASU’s School of Business website.
Arizona homeowners should keep in mind that foreclosure is not the only option when economic times are tough. Bankruptcy can offer many families a fresh start and allow them to stay in the homes they’ve worked so hard for.
At The Pew Law Center, PLLC, we believe that your life shouldn’t be defined by debt. We have helped hundreds of people just like you find the relief they deserve from harassing bill collectors, paycheck garnishment, foreclosures proceedings, and – most importantly – the constant worry about money and what to do about your debts.
We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona file for bankruptcy or work through tough tax problems every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing debt. Please don’t wait another moment. Call us right away – our mesa bankruptcy attorneys will help get you the fresh start you deserve.