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Arizona Foreclosure Homes – Different Measures Measure Up

Governor Janet Napolitano, said that a much need boost in efforts put in by the state of Arizona to fight the crisis surrounding the housing sector, is seen to come by in the form of the housing bill passed last week.

A report released by the Pew Charitable Trust said that over the next two years, one out of every eighteen household could be part of foreclosure homes in Arizona.

Napolitano went on to say that the state would receive benefits from provisions in the passed housing bill in the form of more options for refinancing loans and additional funds for revitalizing affected neighborhoods. The funding, she said, would help the state tackle the issues of increasing foreclosures and improving neighborhood conditions.

Napolitano, along with thirteen other governors had urged President Bush to lend his support in passing the legislation.

Arizona has also created a task force to work on prevention of foreclosures and has also set up a toll free helpline to address questions put forward by homeowners part of the Arizona foreclosure homes.

A measure passed by the Legislature and signed by Napolitano will now see the licensing of loan-originators. This move was supported by the Attorney General’s Office, the Department of Housing, the Department of Real Estate and the Arizona Department of Financial Institutions.

Only time can judge the effect of these measures on people who are part of foreclosure homes in Arizona.

J.D. Bondurant, a research analyst working with the Virginia Housing Development Authority, said that because proceedings for foreclosures were not recorded at one place in individual jurisdictions, accurate statistics were impossible to be compiled.

He went on to say that there existed a large number of high cost loans, where the borrowers would ideally qualify for conventional mortgages, leaving one with the feeling that these borrowers had been preyed upon.

While Southwest Virginia has a comparatively lower rate of foreclosures, he said that this wouldn’t take long to change due to a prevalence of possibly unstable loans with adjustable interest rates.
Homeowners with the possibility of refinancing will now breathe easier.

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