Catherine Reagor
The Arizona Republic
Nov. 25, 2006 12:00 AM
The number of people losing their homes to foreclosure or falling behind on their mortgages in metropolitan Phoenix is near a two-year high, the latest and most tragic sign of the Valley's housing market slowdown.
Foreclosures started climbing in parts of the country last year, but the metropolitan housing market was still going strong until early spring, when home sales started slowing and then listings spiked. Now, people are losing their homes at a nearly record rate, not only in the West Valley, where foreclosures have traditionally been high, but also in pricey neighborhoods in the East Valley, where credit-card debt levels are higher than average.
Last year, financially strapped homeowners in the Valley were able to escape foreclosure by selling homes quickly for a profit. Others refinanced and pulled out equity that they used to pay off other bills. Many switched to adjustable-rate mortgages with lower monthly payments.
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