17% drop from October comes as lenders ease terms for strapped borrowers
by Catherine Reagor - Dec. 9, 2008 12:00 AM
The Arizona Republic
Valley foreclosures significantly fell in November, suggesting that lenders are finally working with borrowers to help them pay their loans and that the area's housing market may have hit bottom.
Last month, 3,826 Phoenix-area homes fell into foreclosure, according to the Information Market. That is down 17 percent from October.
Foreclosures are likely to fall again in December because notices of trustee sales, or pre-foreclosures, fell 23 percent in November, to 6,509.
In the past few months, several big lenders announced programs to work with more struggling borrowers. Fannie Mae and Freddie Mac halted foreclosures during the holidays and plan to begin lowering interest rates and payments on some loans.
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