List of Wells Fargo and Other Bank Foreclosures Expand in Rural Arizona

by Simon Lindsay on States

The housing crisis has started to encroach on rural areas in Arizona, with foreclosed properties, including those under list of Wells Fargo and other bank foreclosures, rising in numbers in several towns and smaller locales. According to housing market analysts, the rural foreclosure problem requires a different approach compared with metropolitan area foreclosures.

Traditionally, people buying Phoenix bank foreclosures and other distressed properties will not even consider areas like Santa Cruz, Mohave and Coconino. Buyers in Arizona are usually focused on Phoenix, one of the metro areas hit hardest by the foreclosure crisis. Now, however, these three rural counties are recording significant increases in foreclosure numbers.

According to latest reports, Arizona bank foreclosures in these rural counties have a combined total of 5,360 between January and October 2010. Reports also revealed that in rural communities, most homeowners facing foreclosure troubles often opt to leave their homes instead of working on modifying their loans.

Analysts have also stated that the expanding list of Wells Fargo and bank foreclosures in these small towns is mainly caused by rising unemployment and increasing mortgage payments. The problem, analysts have stated, is that in smaller areas like the three Arizona counties, there are not enough rental housing to accommodate displaced homeowners. Job opportunities are also scarce, which means that people who lost their jobs do not have much of a chance of finding another one.

With the drastic rise in the number of foreclosures for sale, local authorities are worried that they are going to lose long-time residents in their communities. The trend is also posing difficulties to people trying to study the impact of rural foreclosures on residents, community groups and businesses since most local towns mostly have seasonal residents and a big number of housing units are in the form of mobile or manufactured structures.

Industry experts also stated that the smaller economies of towns make it more difficult for markets to recover since not a lot of opportunities are present that can attract people to relocate to the areas and replace those who abandoned their homes and decided to move elsewhere. Local analysts further stated that the problem will likely continue until next year when bank foreclosures, including list of Wells Fargo, will continue to increase.