Sunday, August 06, 2006

Foreclosures are on rise in Valley

Aug. 6, 2006 12:00 AM

More Valley homeowners are in danger of losing their homes than at any point in more than a year.

In July, notice of trustee sales, which are a lender's first step toward foreclosing on a house, climbed in metropolitan Phoenix to their highest level since early 2005.

Last month, 837 homeowners got notices that they were at least three months behind on their mortgage payments. Those notices mean their mortgage firms are getting ready to evict them and auction off their houses on the courthouse steps.

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