February 3, 2012
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Forced sales at 459 in 2010; forced sales in 2011 dropped to 395
Foreclosures in Gila County declined sharply this year, but still account for 27 percent of property sales. Forced sales peaked in 2010 at 459, then dropped to 395 out of 1,120 property sales in 2011. That’s encouraging, except the share of foreclosures pursued to the bitter end — a forced sale — has actually increased. In 2010, 64 percent of foreclosures filed ended in the forced sale of the property. In 2011, that percentage increased to 78 percent. That means a record number of Gila County homeowners have suffered foreclosure in the past two years. “Almost all people going through foreclosure have financial problems,” said Cliff Potts, a broker for Prudential Realty. Potts told the story of a family who lost their home because of job loss. The father worked in construction, but couldn’t find work in Payson after the housing market collapsed. Desperate for work, he found a job in Prescott.