Arizona Retains Dubious Foreclosure Ranking | Legal News | News Ticker

One of the true litmus tests for the health of any economy is the state of its real estate market, and anyone who is familiar with Arizona understands that the real estate market here is at an all-time low in terms of amount of collective equity in homes and the number of foreclosures being pursued. Unfortunately, Arizona has once again been highly ranked in terms of the number of foreclosures that are occurring in the state, as it retained its hold on the number two spot in the United States behind only Nevada for the fifth straight quarter.

According to several reports, one out of every 55 housing units in Arizona received a foreclosure notice in the third quarter of 2009, which is much higher than the national average of one in every 136 housing units. These numbers are expected to drop significantly in the next quarter or two, but that’s only because of a moratorium imposed by the federal government that will artificially deflate the foreclosure rate around the United States. In Phoenix alone, there were more than 1,000 more foreclosure notices sent in September of 2010 than during the same month of 2009.

Arizona Bankruptcy Lawyers

Many people have tried to hang onto their homes in hope that they would be able to find a new job and get back onto their feet. Unfortunately for many, this has not happened and their financial situations have only gotten worse. Most who find themselves in this situation are not sure how to proceed in terms of finding a way out from under the mounting financial stress that can destroy any person’s overall quality of life when fears include answering the phone or walking to the mail box.

If you are tired of the stress and the anxiety, it’s time to take that first step towards financial freedom and peace of mind. Seek the help of Arizona bankruptcy lawyers who can analyze your specific situation and help you plot a course towards recovery.

The Phillips Law Group recommends the experienced bankruptcy attorneys atMontano Arentz & Associates, PLLC for all of your bankruptcy needs. Call today to schedule a free initial consultation!