Arizona's Foreclosures Increased By 430 Percent

ForeclosuresConn President and co-founder, Jeremy Shapiro Homeowners in the U.S. are not the only ones suffering because of foreclosures, renters make up almost 50 percent of households in homes that are in foreclosure. The National Low Income Housing Coalition in Washington, D.C., estimates renters account for 45 percent of households in properties going through the final stages of foreclosure. Pima County in Arizona is seeing a dramatic increase in foreclosures. The county officials are exploring options that may stem the neighborhood blight that is sure to some form vacant homes but have not been able to come up with a good plan. Foreclosures in this county have risen 430 percent form 2006. Economists and real estate experts say that the increase in foreclosures is adding to the already overstocked housing inventory, which in turn is leading to fewer construction jobs and more families are unable to make their mortgage payments. Lenders and investors with loans in New York state will soon have to contend with a one-year moratorium on foreclosure activity in the state. Members in the state Assembly passed a legislative package of four housing-related measures, one of which would force a one year delay between the moment a notice of default is filed through the foreclosure sale itself. Borrowers would be able to assert their right to the moratorium as a positive defense to a foreclosure action, and even prior to a foreclosure, if one is deemed forthcoming.

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