Arizona Bank Foreclosures: Owning the American Dream

by on States

Every American has one dream – to own a real estate property that they could call their home. And with Arizona bank foreclosures, this dream can be fulfilled easier. National foreclosures rate have risen dramatically over the past two years. In fact, there were over one million homes entering some stage of foreclosure in 2006.

In Arizona, the growing inventory of real estate foreclosures showed that many owners have given up in their struggle to stop foreclosure. Many of these owners could have trouble getting approved for re-financing since they were actually considered to be subprime borrowers. This means that because of their poor credit ratings, they can only be approved for loans with higher-than-standard interest rates. Unfortunately, many of these subprime borrowers were approved for mortgage loans during the last housing boom when aggressive lenders relaxed underwriting guidelines in order to earn extra commission.

The thousands of available Arizona bank foreclosures mean more choices for buyers. In cities where buyers have the obvious advantage, sellers are cutting back their asking prices and offering to shoulder closing costs to entice buyers. On the other hand, buyers sometimes decide to stay on the sideline and wait until foreclosure homes prices reach the lowest possible amount.

Sellers and buyers both benefit from the assistance of foreclosure brokers like Bank Foreclosures Sale. Buyers can take advantage of the foreclosure listings provided by these brokers while sellers enter into listings contract to improve the selling chances of the foreclosure home.

To date, Arizona has the fifth highest foreclosures rate, with one filing for every 383 homes. A total of 5,711 foreclosure filings were recorded for the month of June, majority of which belonged to the Notice of Foreclosure Sale category. The state experienced a 168 percent increase in foreclosures rate compared to 2006.