Half of the Pinal County Homes Sold: Reason is Foreclosure

November 14th, 2008

Reason is Foreclosure
Pinal County along with others is also facing the problem of foreclosures. The real estate there is undergoing a big crisis. Out of the total number of homes that were resold in this county during the third quarter, about half were due to the problem of foreclosure. The number of resale in the Pinal County during the months of July to September was 3,355. Out of these, nearly 1,515 were sold due to a foreclosure problem. This shows a 45 percent rate of foreclosure. Apart from that it has also been found that in the second quarter, this percentage stood at 40 percent. Over 845 homes were in foreclosure in the months of April to June. The homeowners could not make their monthly mortgage payments that put them into great despair.

Real estate experts have furnished several reasons behind this growing rate of foreclosure in the Pinal County. One of them is loss of employment. Another major reason is that the price of energy has gone up. Jay Butler, who is the director of Realty Studies at Morrison School of Management and Agribusiness, said that these two factors are primarily responsible for foreclosure in this county. The median home price started to decline heavily in the county giving a big blow to the real estate of the region.

It has been found that the foreclosures are going 42 percent of the resale market in the Maricopa County. This figure stood at only 14 percent a year back during the same period. From $157,000 in the second quarter, the median price of home has come down to $136,170 in the third quarter in the Maricopa County. In Apache Junction, the median price of home in the second quarter was $163,090. This has come down to $150,600 in the third quarter. The median price of home in the second quarter in Queen Creek was $136,050. This has declined to $125,000 in the third quarter.

Foreclosure has really put the real estate everywhere at great stake. Everybody is just hoping that with the introduction of Obama’s foreclosure fighting plans, things are going to change soon. Something has to be done sooner to make the distressed homeowners come out of this big problem. The election of new president has produced a ray of hope among the people all over the United States. People are simply looking up to Obama and his various strategies in fighting this problem.