Real Estate News Blog August Archive

Foreclosures soar in Arizona

By Art C Ryter at 08/01/07 01:35

New data released Monday show that foreclosure-related filings in Arizona jumped during the first half of 2007, compared with the same period a year ago, meaning that an increasing number of residents have been unable to keep up with mortgage payments. Current foreclosures are primarily the result of subprime and adjustable rate mortgage lending. Many people who would not traditionally been able to afford homes were put into bad loans and many others are being caught in foreclosure due to their speculative endeavors.

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