Foreclosure activity in the Phoenix metropolitan area was on the rise in October and November, with a rate of about 300 foreclosure notices per week, according to research by Foreclosures.com, an investment advisory company that specializes in foreclosures. The company also reported today that a drop in home sales in parts of Northern and Southern California could be an indication of a "long-awaited price correction" in the state, and predatory lending problems continue to plague New Jersey. Alexis McGee, Foreclosures.com president, said there were 1,165 new notices of trustee sales in the Phoenix metro area in October and 1,254 new notices in November. Also, 4,996 sales were pending in November, up from 4,873 in October. "This rise in foreclosure activity is a disturbing trend," McGee said, "because the Phoenix area economy is in full recovery and housing sales are still strong. Twenty percent of home sales are to incoming retirees who often bring cash and stable incomes with them."...
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