RealtyTrac reports that October foreclosures were down 3 percent from the prior month with 332,292 properties foreclosed. The fact that the trend continues down (this is the 3rd consecutive month with fewer foreclosures) is good news.
Arizona is unfortunately in the top ten of states with foreclosures.
Don Grafues
Resources: RealtyTrac and The National Association of Realtors®
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John A. Courson, President and CEO of the Mortgage Bankers Association (MBA) in response to the FHA audit results (see yesterday post titled "FHA Releases Audit Results") today issued the following statement, "Today’s announcement is a major wakeup call for FHA and the lending community, but no reason to panic."
Mr. Courson went on the say, "We are encouraged by the corrective actions FHA has already announced… the elimination of seller-funded down payments and the recent program changes to help it better manage its risk…"
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