Foreclosure rate drops over past 5 months

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PHOENIX – For years foreclosures have plagued the state of Arizona.

Finally there’s a sign of relief. Over the past five months a study conducted by Arizona State University shows the foreclosure rate is going down.

In January and February foreclosures represented 43 percent of the existing home transactions. In March it went down to 38 percent then 36 percent in April, 35 percent in May, 31 percent in June and finally 29 percent in July.

Reginald Givens has been handling a fairly new foreclosure assistance program with the state called “Save Our Home AZ.”

An eligible consumer who has a mortgage payment that’s $2,000 or less could have that entire mortgage payment covered for up to a two-year period of time.

With the foreclosure rate dropping, Givens feels consumers might be more willing to reach out for help knowing there’s a good chance they’ll get it.

Some experts believe the dropping foreclosure rate could be misleading blaming processing delays and national and state-level efforts to prevent foreclosures which have caused a bottleneck effect.