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Arizona Foreclosure Works! Fewer Homes With Negative Equity

by Charlie Allred

Bloomberg reported recently that there are now fewer homes on the market in which the homeowner is facing a negative equity situation. However, while this news appears good on the surface… the real reason for this change is because of foreclosure.

That is right my friend… this change in the percentage of people who owed more on their home than it is worth changed not because of rising home prices but because of increased foreclosures. In the US, more than 10MM homes fall into the underwater category. The number improved only slightly… That being about .5%

Of course anytime you have rising unemployment in conjunction with falling home prices, you are bound for trouble in the property markets.

There are two ways to reduce negative equity… Price appreciation or disposition, which means people getting taken out of their homes. At the moment, there’s more disposition” says Mark Fleming of CoreLogic.

The most troubling part to me is that there are many people going into foreclosure unnecessarily. A majority of those who go into the Arizona foreclosure system never even look into their options. As sad as it may seem, many of these foreclosures can be avoided with an Arizona short sale.

Before you allow your home to go to back to the lender… be sure to inquire about the possibility of a short sale of your home. And, be sure to read more about Arizona short sales on this site.

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