Not being able to avoid foreclosures, homes in Arizona go to auctionOn August 7, 135 homes in the Phoenix area will go on the block.
Many homeowners in Arizona have not been able to avoid foreclosure during the recession, leaving an opportunity for other buyers.
According to the Arizona Republic, Freddie Mac is planning on auctioning off 135 foreclosed homes in the Phoenix area on August 7. The paper said that the sales are focused on people who plan on living in the homes, rather than investors.
"HomeSteps, the real-estate-sales unit of Freddie Mac, is offering to pay qualifying buyers up to 3 percent of their closing costs," the paper said. "Almost a third of the foreclosed homes going on the auction block are set aside for first-time buyers using federal funds from the Neighborhood Stabilization Program."
According to foreclosure tracking website RealtyTrac.com, Arizona posted the second-highest foreclosure rate in the country during the first six months of 2010. Of homes, one in every 30 in the state faced a filing through the end of June.
Other states that have seen high rates include Nevada, which has the highest, and California, which is in the top 10.
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