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Study Points to a Dip in Foreclosure Default Notices - Dec 02, 2011
Foreclosures are Telling on the Health of the Nation - Nov 24, 2011
Foreclosures are High But Home Sales Happening Too - Nov 16, 2011
Foreclosure Woes Have No Time to Think About Politicians - Nov 08, 2011
Nevada and Florida Hit the Hardest by Foreclosure Crisis - Nov 04, 2011
» See all recent news
Approximately 20 miles east of Phoenix, in Arizona's Maricopa County, Mesa is a suburb that ranks as the thirty-eighth largest ...
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Arizona's overall population sits at approximately 5.8 million, with the rate of inhabitants increasing each year, surpassing even that of Nevada - a precedent that will surely continue to grow in years to come. The state is well known for its varying climate and extreme heat, with the peak of the summer period often reaching temperatures of up to 100 degrees Fahrenheit and beyond. With the advent of improved cooling technology however, the state's extreme weather has become more bearable in recent times, making it a more livable environment.
Along with the state's soaring temperatures come attractive landscapes to visit. Most notable is the Grand Canyon, with other important landmarks including the Hoover Dam, Meteor Crater and the Four Corners Monument. Arizona's tourism industry attracts millions of visitors each year, with the Grand Canyon attracting over five million visitors annually, making it the most profitable attraction in the state. It also provides the biggest contribution towards Arizona's tourism industry.
Another one of the biggest contributors to Arizona's economy is its mining industry, with copper being its most prevalent and profitable resource. Most recently in 2010, it was revealed that the production of copper contributed to the state's gain of nearly $9.3 billion, and provided 52,500 jobs to Arizona residents.
Arizona's overall demographic displays a strong presence of family households, with statistics approximating the total to over 1.2 million. In addition, the home ownership rate sits at around 68 percent overall. The state's major cities include Phoenix, the state's capital, along with other cities including Tucson, Mesa, Gilbert (which experienced a 90 percent growth over the past decade) and Chandler.
The current housing market report for Arizona states that the average home value stands at around $131,700, with Arizona home foreclosures accounting for about 46.4 percent of overall sales. Particularly in Phoenix, Arizona foreclosures stand at 53.3 percent, more than half of overall house sales. The percentage of renters that are prevalent in the capital city is approximately 39.3 percent, while the sale of condominiums stands at 15.4 percent.
The statistics show a strong favor in the re-sale of foreclosure homes, thus making Arizona an appealing market for potential buyers. The wide range of available homes makes it perfect for hunters to be accommodated towards their specific needs.
Although both judicial and non-judicial foreclosures take place in Arizona, it is non-judicial foreclosures that tend to be more prevalent. A non-judicial foreclosure takes place when a Deed of Trust contains a provision known as a Power of Sale clause, which permits a lender to foreclose on a property if they find a borrower (homeowner) in default of payment. The lender can then issue a Notice of Sale, which names a date at least three months in the future upon which a foreclosure sale of the homeowner's property will take place. The homeowner has the power to stop the foreclosure up until 5:00 p.m. on the day prior to the scheduled sale by paying the lender the defaulted amount including any additional fees accrued for late payment.
In the case of a judicial foreclosure, the lender must file a lawsuit (known in this case as a Lis Pendens) against the homeowner stating the default amount owed. Notice of the Lis Pendens is sent to both the homeowner and any Junior Lien holders (lenders from whom thehomeowner might have received additional mortgage loans). If the homeowner does not respond to the Lis Pendens within a specific amount of time, the court can find the homeowner legally in default and schedule a foreclosure sale of the repossessed property.
Before the non-judicial foreclosure sale takes place, the lender (or trustee) provides a Notice of Sale to all affected parties (including the homeowner and all Junior Lien holders) at least three months before the sale date. Under Arizona foreclosure law, the Notice of Sale must also be published once every week in the local newspaper and posted both on the property in question and the county courthouse, in order to inform the public. The trustee must also provide the amount of the opening bid to anyone who asks with 24 hours of the scheduled sale. If the trustee does not provide this information, the sale may have to be postponed.
The foreclosure sale is run in the style of an auction, and ordinarily conducted by the trustee. The property is awarded to the highest bidder. Each participant must provide a refundable $1,000 deposit in order to bid. The trustee keeps the deposit of the winning bidder as a down payment. The winning bidder has until 5:00 p.m. the following day to pay the remaining balance of his bid. After this occurs, the trustee must transfer ownership of the property to the winning bidder within seven days. The proceeds of the sale go first to the primary trustee, and then to any Junior Lien holders. There is no right of redemption after a non-judicial foreclosure sale.
Judicial foreclosures are similar, but in this case it is the County Sheriff who conducts the auction, which usually occurs about 45 days after the initial court ruling. Anyone may bid without having to provide a deposit. The winning bidder has until 5:00 p.m. the following day to provide the full payment to the Sheriff, at which point a Certificate of Sale is issued. The original homeowner then has six months to redeem ownership of the property by paying the full sale amount plus any additional interest required. If this does not occur, any Junior Lien holders are given the same opportunity to redeem the property within a specific amount of time. If no one redeems the property, the Sheriff transfers ownership to the winning bidder.
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