Foreclosures Up In The Valley

In July, the number of "Notices of Trustee Sales" recorded in the Valley climbed to 837, from June's total of 776. Notices are sent to homeowners with loans that were more than 3 months behind on their mortgage payments.

Tom Ruff of Phoenix-based data firm Information Market, which tracks foreclosures, said that by year-end trustees sales could be climbing by 100 a month.

The increase in the foreclosure numbers is being attributed to higher mortgage payments on many adjustable rate mortgages kicking in, putting the squeeze on homeowners who used these ARM's to purchase when the market was hot.

Tim Rocho, chief executive of Scottsdale-based Real Estate Fortune, said many of the homeowners in trouble are too highly leveraged to sell or refinance and get them out from under their debt. More...