UNDERSTANDING BANK FORECLOSURES IN ARIZONA
What's Behind Arizona Bank Foreclosures?
The only way to really understand the phenomenon of Arizona bank foreclosures is to look at their underlying cause and realize their potential for profit. As reported in the media, it would all seem to point at borrowers defaulting on their loans -- however there's another problem behind that isn't as widely publicized as the story of the defaulting subprime homeowner. In some cases, foreclosures in Arizona have nothing to do with the subprime market but everything with unscrupulous appraisers, property owners, and loan officers.
Click on the map to start your foreclosures search:
List Of Arizona Bank Foreclosures
(Released in June 2007 at http://money.cnn.com/2007/06/19/real_estate/500_top_foreclosure_zip_codes/index.htm)
ZIP CITY STATE FORECLOSURES
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85242 Queen Creek AZ 271
85323 Avondale AZ 248
85379 Surprise AZ 210
85243 Queen Creek AZ 197
85706 Tucson AZ 187
85086 Phoenix AZ 179
85239 Maricopa AZ 175
85037 Phoenix AZ 173
85338 Goodyear AZ 167
85326 Buckeye AZ 166
85335 El Mirage AZ 165
Unscrupulous Refinancing To Blame
Here's how it works: The goals of most property owners are to raise the value of a building for a high selling profit. In order to assess the value of these efforts, properties must be appraised. Over the past few years, surmounting reports of inflated appraisals evidence the superfluous property values that we're now dealing with, which consequently, are used to refinance a property and generate a huge loan for its owner. Refinancing property for a loan is nothing new, but refinancing property for a loan with no intentions of paying the loan back is new. Under newly re-drafted laws, property owners are no longer responsible for repaying a loan when a bank gets its property back. Herein lies a significant cause for the high rise of Arizona bank foreclosures and accordingly, foreclosures all over the country.
Our 10 most Recent Arizona Listings
| Zipcode | Status | City | Street | County | Bed/Bath | Price | Details |
| 86314 | Active | Prescott Valley | E NIGHT WATCH W... | Yavapai | 3/3 | $228,900.00 | Details |
| 85016 | Active | Phoenix | E SAN MIGUEL AV... | Maricopa | 3/2 | $359,900.00 | Details |
| 85326 | Active | Buckeye | W HUNTINGTON DR... | Maricopa | 5/3 | $141,500.00 | Details |
| 86442 | Active | Bullhead City | TERRACE DR | Mohave | 3/2 | $99,900.00 | Details |
| 85222 | Active | Casa Grande | N POPPY ST | Pinal | 3/2 | $117,350.00 | Details |
| 85228 | Active | Coolidge | W OCOTILLO ST | Pinal | 6/3 | $144,900.00 | Details |
| 85222 | Active | Casa Grande | N ST PEDRO AVE | Pinal | 3/2 | $87,000.00 | Details |
| 85331 | Active | Cave Creek | N 42ND PL | Maricopa | 3/2 | $139,900.00 | Details |
| 85335 | Active | El Mirage | N B CT | Maricopa | 4/2 | $112,450.00 | Details |
| 85298 | Active | Gilbert | E POWELL CT | Maricopa | 3/2 | $168,900.00 | Details |
Legal Loopholes Contribute To Rising Number Of Bank Foreclosures in Arizona
As you can see, the subprime market has nothing to do with this segment of Arizona bank foreclosures. The law has provided a loophole for a large number of seedy individuals willing to sacrifice a good credit record in favor for quickly obtaining 50 or 60 thousand dollars. It's important to remember however that this phenomenon isn't exclusive to Arizona - it's a practice that's prevalent all around the country while Arizona bank foreclosures, like all the others, continue to rise and the banks can't do anything about it except attempt to auction off their properties.
Arizona Bank Foreclosures Can Be Used To Turn Things Around
If we aren't careful, Arizona foreclosures will continue to rise if this practice is allowed to go on - which may or may not be a good thing. Currently, Arizona bank foreclosures are a good thing for specific types of people. For Arizona bank foreclosures give honest investors the chance to purchase homes, apartment buildings, commercial buildings, and condos at a price that was previously not affordable. Arizona bank foreclosures also give honest owners a chance to put these properties back into a system that will not only contribute to the economy, but that will help stabilize it with a steady stream of income.
Looking for Arizona bank foreclosures? Try at our partner site BankForeclosuresInformation.com.
