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06/09/07
Foreclosures up for investors
Filed under: General, Real Estate
Posted by: Lillian Wong @ 1:07 pm

Investors sparked the run-up in home sales and prices during the Valley’s housing boom. Now, they are behind much of the area’s rapid increase in foreclosures. At least one-quarter of all Phoenix-area homes to fall into foreclosure this year are owned by investors, according to an Arizona Republic analysis of residential foreclosure records. The number is rising monthly as investors, who relied on adjustable-rate or subprime mortgages to buy properties, fall behind on climbing payments.  More…

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