In a new report released by data research firm Core Logic, the foreclosure rate in Phoenix has continued to fall.
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In a new report released by data research firm Core Logic, the foreclosure rate in Phoenix has continued to fall. According to Michael Orr, real estate expert at A.S.U.’s W.C. Carey School of Business, the Phoenix housing market is continuing to recover. He also says that traditional homes sales are on the increase. Bank of America is reaching out to thousands of homeowners in an attempt to reduce principal on home loans as a result of a $25 billion settlement with 49 state attorneys general and federal authorities. According to new figures released by the Arizona Regional Multiple Listing Service Inc., areas like Mesa and Scottsdale saw increased foreclosure and short sale activity in the month of March. The Consumer Financial Protection Bureau’s proposed rules would require mortgage servicers to give all borrowers standardized monthly statements, warn borrowers about interest rate or insurance changes, improve record-keeping, and give borrowers options to avoid losing their homes The agency said it will formally propose the rules this summer and finalize them by January 2013. Read [...] According to KTAR, Arizona could benefit from U.S. Government’s push to help homeowners avoid foreclosure. According to a report issued by data provider Lender Processing Services, foreclosure starts rose 28% in January leading to speculation that a clogged system was rapidly clearing. According to data released by RealtyTrac, foreclosures represent nearly a quarter of all home sales in the U.S. The number is expected to increase in 2012 as lenders more aggressively try to dispose of distressed assets. Recent data released by RealtyTrac shows an increase in Arizona foreclosures from December, 2011 to January, 2012. The good news is there was actually a year over year decline of 41%. A report issued by TransUnion shows Florida still leading the nation in mortgage delinquencies with Arizona placing fourth on the list. |
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