Phoenix Arizona Foreclosures Down

The Phoenix Business Journal reports that filings of new notices of trustees sales in the Phoenix metro area totaled 2,243 in the second quarter of 2005, down from 3,220 in the first quarter. The information was from Foreclosures.com. But the company predicts that the number of defaults on loans will rise in Phoenix as interest rates rise, primarily due to the number of adjustable rate mortgages. Alexis McGee of Foreclosures.com states that in 2004, more than 38% of home buyers in Maricopa County signed up for interest-only loans. More...