Arizona’s Bank Foreclosure Properties Ranked 2nd Nationwide

by Peter Vernon on States

Arizona has the second highest number of Bank Foreclosure Properties in the country in the first six months of this year. According to recent data, Arizona posted 90,000 filings of foreclosures from January to June this year, representing a 55 percent increase from the same period last year and 13 percent from the second half of 2008.

For the period, 3.37 percent of households in Arizona or one out of 30 received one foreclosure filing. Those 89,799 Bank Foreclosure Properties filings in the first half of this year earned Arizona the third sport in state total.

Industry experts believed that the collapse of the housing market was triggered by the escalating home prices coupled with over construction of houses, in addition to the subprime loans that encourage and allowed people to purchase more properties that they could not afford.

They added that the current influx of Bank Foreclosure Properties is driven by problem loans and the rising unemployment rate.

Nationwide, 1,905,723 filings of foreclosures were posted on 1,528,364 properties, representing a 15 percent rise in the total number of properties from January to June 2008 and 9 percent increase from the second half of last year. Data also showed that 1.19 percent or one out of 84 properties received foreclosure filing in the first six months of this year.

Leading the top 10 states in the country with high foreclosure rates is Nevada where 6 percent or one out of 16 houses received a foreclosure filing during the period. Nevada’s total foreclosed properties reached 68,708, 61 percent higher from the first six months of 2008 and 23 percent above from the second half of last year.

In the third spot is California with a total of 391,611 foreclosure filings, meaning 2.94 percent or one in 34 houses were in some kind of foreclosure proceedings. The state’s foreclosure activity rose in the first six months of this year by 14 percent compared with the preceding six months and 15 percent from January to June last year.

Other states in the top 10 ranking of Bank Foreclosure Properties are Utah with 1.46 percent foreclosure rate, Georgia with 1.42 percent, Michigan with 1.34 percent, 1.31 percent for Illinois, 1.26 percent for Idaho and 1.25 percent for Colorado.