Foreclosures are up in Arizona for the first six months of 2006, as compared with the last six months of 2005. The will be cause for sustained gloating at the Arizona Republic, so here is the real news, from the Business Journal of Phoenix, before it goes through the Spin Cycle:
Although the 8,321 Arizona filings in the first two quarters of 2006 represent an increase compared to the last six months of 2005, the number is down by about 800 from the first six months of 2005.
Maricopa County accounted for the bulk of foreclosure activity, 5,215 actions, for the first six months of the year. However, the majority of defaults are being settled prior to the actual foreclosure sale of the property, according to Foreclosures.com figures. About 1,100 Arizona properties initially in foreclosure came under new ownership in the first half of 2006.
McGee also said home prices will not crash like they did in the early 1990s. “Back then, overbuilding by developers led to excess inventory and what we call competitive liquidation of unsold new homes,” she said. “This time, the inventory just isn’t there.”
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