Lisa Simpson
Jun 3,2009
In: Repo Homes

Repo Homes in Maricopa, Arizona

Maricopa Home

Maricopa County is in Arizona State USA – located in south-central part of the state. It has the fourth largest population count among the counties of the nation. Phoenix is the county seat – it being the largest city and the capital of Arizona. Most of the people live in the centre of Maricopa County around the town of Gilbert. Half the people of the entire state crowd in Maricopa County. Maricopa County has five Indian Reservations.

By Repo homes in Maricopa, Arizona is meant those houses that have been taken over by the lenders or repossessed by the banks after the end of the foreclosure process. In general terms and usage these Repo homes in Maricopa, Arizona are referred to as foreclosed homes. With Arizona being one of the top foreclosure offending states in USA it is little wonder that there are huge numbers of Repo homes in Maricopa, Arizona. With no let down on the foreclosures the Repo homes in Maricopa, Arizona are causing concern.

Many pundits opine that the one of the causes behind this surge in Repo homes in Maricopa, Arizona is the demographic factor with the minorities being the unhappy targets. But in Maricopa County the Whites are in the majority (77%) and the Blacks are minorities (4%). The prime reason for Repo homes in Maricopa, Arizona was the boom in the housing sector that led to the bust and rise in Repo homes in Maricopa, Arizona.

A recent report indicates that sale of Repo homes in Maricopa, Arizona sharply increased in March 2009 while a short term ban on foreclosure dramatically brought down the number of repossessions by banks. The average resale value of residential houses continued to fall through March and came down to record low of $127,000. In February it was $133,000. In March 2008 the resale median was $229,900.

A study conducted by ASU Realty Studies noted that in March 5,940 resale were transacted as compared to 4,215 in the previous month. In March 2008 the resale figure was 3,265. The director of the group, Jay Butler said that March is traditionally the time when sales of residential houses pick up that lasts through the season up to August.

Foreclosure postings dropped by 38% in March. There were 4,295 postings in February and 2,670 in March. But it was higher than March 2008 when there had been 2,055 foreclosure listings as per the report of Butler’s group.