Originally posted on Aug 2, 2009
According to RealyTrac’s U.S. Foreclosure Marketing Report, foreclosure activity in Arizona rose 31% in May compared to May 2008. In Navajo County foreclosure filings were up over 177% compared to a year ago.
RealtyTrac also shows an increase in foreclosure activity in the Pinetop-Lakeside and Show Low areas. In these areas there are currently about 412 properties that have received a Notice of Trustee’s Sale (this notifies the property owner that the property is scheduled for public auction), and 99 properties that are currently lender owned.
This increase in foreclosure filings is not good news for homeowners who are trying to sell their homes. When lenders take title to a property they want to sell it as quickly as possible and will price it below market value to accomplish this. This lowers the market value of the other homes in the area.