YUMA COUNTY, Ariz. – The recession of 2008 financially devastated many people financially nation wide, According to A Corelogic National Foreclosure Report 4.4 million homes have been put into foreclosure since the 2008 recession. Yuma was no exception. One resident described how her family was affected, “My mom lost her house many friends of mine lost alot of houses”. As Shelley Ostrowski a broker for Century 21 Action Group in Yuma explains the local market has gotten better, “There were alot, ALOT, in 2008, to about 2013 there were alot by 2014 it began to level off now it seems to be getting back to a more traditional market”.
Statistics just released in a Corelogic National Foreclosure Report shows that delinquency rates in Yuma in May have dropped .85% since the same time last year. Which shows fewer people are defaulting on loans. The report also shows that Yuma’s foreclosure rate has fallen below the National Average, dropping .17% since May of last year. Shelly Ostrowski describes what this means for Yuma, “I think its great if the interest rates stay low, it’s going to be a great market for buyers and sellers”. She says it’s the most ideal situation and will likely make more people purchase homes instead of renting. John Courtis from the Yuma Chamber of Commerce says it will help Yuma’s economy, “It will help bring prices back up which they need to do… but also not having the moniker that Yuma is hot, hungry out of work and has lots of foreclosures”. Some residents are very happy to hear the news “It’s a really big things because now my kids can buy a home and it’s easier to do that”