Foreclosures, mortgage delinquencies climb
Catherine Reagor
The Arizona Republic
Apr. 13, 2007 05:44 PM
The number of Valley residents who lost their home to foreclosure spiked more than tenfold in the past year as more and more homeowners fell behind on their mortgages.
The problem may soon get worse. Mortgage delinquencies hit a four-year high last month.
Slower homes sales, dips in housing appreciation and homeowners unable to keep up with rising subprime mortgage payments are all behind the jump in foreclosures. advertisement
The Valley's housing market could take a hit if lenders try to resell foreclosed homes quickly by cutting prices. Too many foreclosures in one neighborhood can pull the area's home values down. Other parts of the country, like Atlanta, Chicago and many parts of Florida, are already experiencing bigger housing downturns because of foreclosures.
http://www.azcentral.com/business/ar...sures0414.html
This could hurt homeowners who do keep up with their mortgage payments as well, when they try to sell their homes.