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News Link • Housing

Cheerleaders Were Wrong: Phoenix Has Record Wave of Foreclosures

Last month, a record 5,556 homes across metropolitan Phoenix were foreclosed on by lenders, reports the Information Market. That's a 30 percent increase from February. Pre-foreclosures climbed to 8,045 last month, up from 7,604 the month before. Six of seven bills that made up the proposed Foreclosure Rescue for Arizona Act were never even heard in the Legislature. The one piece of legislation from the package to be heard in the House will require landlords to give renters more notice and time to move out of foreclosure homes. This will help Arizona residents but not struggling homeowners. The bill is supposed to be heard in the Senate later this week.

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