New Valley foreclosure filings lowest since July 2008

The number of new foreclosure filings against Phoenix-area homeowners fell in May to the lowest level since July 2008. Last month, there were 6,471 pre-foreclosures, or notice of trustee sales, filed in metro Phoenix, according to the Information Market. Foreclosures also dropped last month to 4,090, their lowest since November 2009. R.O.I. Properties, led by Beth Jo Zeitzer, attributes the drop in foreclosures to federal loan-modification programs, successful short sales and more investor purchases at trustee-sale auctions. The U.S. Treasury Department, which manages the federal housing plan to slow foreclosures, reported increases in both trial and permanent loan modifications in the Valley during April.

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