As is the case in much of the country, the foreclosure rate in Tempe finally appears to have slowed down, but you can still find many signs in front of Tempe homes advertising a bank foreclosure and subsequent sale. Many homes in Tempe went into foreclosure as a result of the recent economic recession, and for Tempe residents who suddenly found themselves in foreclosure it has been a devastating and difficult experience. Some people in Tempe have chosen to rent rooms to ASU students as a way to boost their income and avoid, or at the very least postpone, foreclosure.
While it is an unfortunate situation for some Tempe residents, the high number of foreclosures can be a blessing to anyone who is looking to buy a new home. Buying a foreclosure in Tempe is often a good idea, since banks often charge less on a foreclosure than a homeowner would. People interested in buying a house in Tempe would be wise to take advantage of this. The price of a foreclosure in Tempe is not quite as low as in some parts of the state—as low as $25,000 in one small town!—but purchasing a bank-owned foreclosure will very likely cost much less than buying a similar house in Tempe from the homeowners.
If you are not one of the fortunate beneficiaries of this housing crisis and find yourself facing foreclosure, you probably want to talk to your lender about the terms of your mortgage. Some Tempe residents have been able to work with a representative at their banks to adjust their house payments and stay out of foreclosure. There is no guarantee that everyone will be as fortunate, but if it allows you to keep your home, it couldn’t hurt to talk to someone about your options.