RealtyTrac's March 2012 Foreclosure Rate Heat Map shows that Arizona had the highest foreclosure rate in the country last month. There were 9,497 foreclosure filings in Arizona in March 2012. This means 1 in every 300 homeowners received a foreclosure filing last month, more than twice the national average of 1 in every 662 homeowners.
The Arizona Attorney General's office will soon receive almost $98 million as part of the $25 billion settlement reached with the 5 largest banks and 49 state's Attorneys' Generals. The agreement settles state and federal investigations finding that the country’s five largest loan servicers engaged in unacceptable and sometimes fraudulent mortgage servicing and foreclosure practices. Arizona's settlement stipulates that the funds should be used for foreclosure prevention and mitigation programs.
Until we solve our foreclosure problem, Arizona will not see economic recovery.
The settlement funds can't come soon enough.
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