Foreclosures in PhoenixThe meltdown in the sub-prime mortgage market and the resulting slump in the housing market combined with expiration of Adjustable rate mortage (ARM) teaser rates caused a rise in real mortgage interest rates and left more homeowners unable to pay their mortgages or sell their homes. As home prices dropped, many new homeowners found themselves "upside down" in their mortgages, owing more than the home was worth.
From January through October, 7,139 homes in and around Phoenix Arizona were lost to foreclosure compared to 1,072 foreclosures in the same period in 2006.
In October there were 1,396 foreclosures and another 3,438 Maricopa County homeowners were issued a notice of trustee sale, the first step in a foreclosure.
As many as 10,000 homeowners across the Phoenix metro area will lose their homes this year compared to less than 2,000 foreclosures last year.
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source: evliving.com
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