Phoenix-area foreclosures down slightly in April - In April, for the second month in a row, the foreclosure rate among Phoenix-area homes decreased slightly from the previous month, according to a recent ASU study. In January and February, 43% of home-resale transactions in the Phoenix-area market were foreclosures. The incidence of foreclosure declined to nearly 38% of transactions in March and again to about 36% in April. Read article:
http://www.azcentral.com/business/realestate/articles/2011/05/10/20110510metro-phoenix-foreclosures-april.html
Mortgage Fraud Reaches Record High - Scammers are taking advantage of the real estate market, changing their schemes to take advantage of a distressed real estate market. Reports of mortgage fraud in 2010 reached the highest level on record, the Treasury Department reports. Mortgage fraud reports include everything from borrowers falsifying information on loan documents, fraudulent appraisals, to elaborate schemes that target home owners underwater on their mortgage. Read article:
http://www.realtor.org/rmodaily.nsf/pages/News2011051002
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