Phoenix Business Journal
The number of foreclosure filings in February jumped 83 percent from last year’s total, but has abated from the peak six months ago, according to Default Research.
The Pennsylvania provider of foreclosure lists reported 5,624 filings of Notice of Trustee Sales in Maricopa County in February. That’s up sharply from February 2008’s 3,066, but well below the August 2008 tally of 8,685 filings.
Default Research founder Serdar Bankaci had some encouraging words: “After a steep increase in foreclosures in 2007 and 2008, market indicators in the Phoenix area show that median home values have remained relatively constant for the past 90 days. We expect to see much of the same for the next six months, but the market should begin to recover by the end of this year.”
On the flip side, the company reports that the number of nonresidential foreclosures is on the rise, representing 3.6 percent of all properties entering the process in February.
“It is no surprise that the commercial and retail businesses have suffered with the decline in consumer spending,” said Bankaci. “To further complicate the foreclosure situation, many commercial properties are now unable to refinance their loans due the credit crunch.”
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