2007 foreclosures up 150 percent in Arizona
The Business Journal of Phoenix - by Adam Kress Phoenix Business Journal
Tuesday, January 29, 2008 - 9:04 AM MST
The number of home foreclosures soared in 2007, both in Arizona and around the country.
Arizona ranked eighth in the U.S. in number of foreclosures, with nearly 70,000 filings. That accounts for more than 1.5 percent of all homes in the state, and is a 150 percent increase from last year.
The latest research from RealtyTrac Inc. finds that the number of foreclosures spiked across the country in 2007, with 405,000 households losing their homes.
Total foreclosure filings -- including default notices, auction sale notices and bank repossessions -- grew 75 percent from 2006 to 2007. December filings alone were up 97 percent. More than 1 percent of all U.S. households were in some stage of foreclosure during 2007, up from 0.58 percent the year before.
In California, nearly 66,000 people lost their homes last year. In Michigan, 47,000 families went through foreclosure.
Also hard hit was Nevada, where 10,000 people had their homes repossessed. Nevada had nearly 3.4 filings for every 100 households -- a foreclosure rate of more than three times the national average, and the highest of any state.
Although many states had huge foreclosure numbers in 2007, others avoided problems. Maine had 286 properties with foreclosure filings on their records, Vermont 29 and South Dakota just 24.

So, what does this mean to you if you are not facing foreclosure right now?
Perhaps listing and selling you home before it comes to this end would be a wise thing to do.
So, now you are thinking but I owe more than it's worth. A short sale might be the answer.
A short sale is when the borrower negotiates with the bank to settle the mortgage for less than what is owed avoiding foreclosure. This results in less of a ding on the credit report of the borrower 100-150 vs. 250-280 for a foreclosure. Another benefit of a short sale is the recent passage of Mortgage Forgiveness Debt Relief Act. The amount forgiven in a short-sell was considered taxable income for the seller previously. It is also more appealing to the lender because the property may sell for more than what it would as a foreclosure. Want more information? Contact Me! I'll be happy to assist you any way possible.