Arizona Foreclosure Filings Soar During the First Quarter of 2008
According to RealtyTrac, a foreclosure tracking service, for the first 3 months of 2008 Arizona’s foreclosure rate was up 245% from the same period one year ago. About 1 in every 95 homes in the state is a foreclosure, about double the national average.
We’re starting to see many of the exotic loans with 3-year ‘teaser terms’ issued during the height of the market in 2005 go into default, and we can expect to see this trend continue in the near term.
We can expect to see ‘normal’ appreciation rates of 4-6% per year return to the Phoenix real estate and Scottsdale real estate markets once the excess inventory is absorbed. In the meantime, there are some great opportunities out there!