Arizona Foreclosure Recaps
Arizona’s current economic status indicates positive news for the state, which is good news for the Arizona foreclosures market. The agriculture sectors export industry is currently in the progress of establishing Free Trade Agreements between Korea, Columbia, and Panama.
The resulting decision would increase profits in the industry, with an estimated figure of $24.7 million and the potential addition of 220 new jobs. During April of 2011, the rate of local employment rose by 0.4 percent in the state, resulting in 11,000 new jobs spread over various economic sectors. Arizona’s unemployment rate has dropped in the previous month also, with the percentile rate currently sitting at, as of April, around 9.3 percent overall.
The sale of foreclosures has risen in several major cities throughout May. Phoenix foreclosures are currently experiencing a percentile rate of 54.2% in foreclosure sales, which has increased by 0.9% in the past month.
Other major cities that have followed a similar trend include Desert View, which has experienced a percentile rise by 5.9%, North Gateway at a figure of 8.6%, Paradise Valley at approximately 4.1% and North Mountain, experiencing a modest increase in sales by around 1%.
Across the region, numerous major cities are reporting decreases in the sale of foreclosures. Buckeye is reporting a minor percentile drop in sales, with a figure of 2.5% overall. Peoria is also currently experiencing a drop by 4.8%, while Avondale foreclosure sales are down by 2.5%.
More severe declines in foreclosure properties being sold are evident in cities such as Chandler, which are down by 13.3%. Tempe foreclosures indicate a sharp fall in sales, with a drop of around 16.5%, while Surprise is currently experiencing the most notable decline, with a severe rate drop of about 17.5%.
One of Arizona’s top stories this month is the execution of convicted murderer Donald Beaty. Beaty was convicted of murder in 1984 for the death of 13-year-old girl Christy Ann Fornoff. The execution was preceded with much controversy in regards to the chemical used for the lethal injection, which underwent a last minute change from the use of pentobarbital to sodium thiopental in the formula; resulting in a delay of Beaty’s initially planned execution.
While in Phoenix, a suspect in the January shootings, which left six people dead and wounded U.S Congresswoman Gabrielle Giffords, has been deemed mentally unfit for trial following an outburst during court. The rise in Arizona foreclosures has also garnered attention, with trends permeating across the state.
Find more Maricopa Foreclosures
