Arizona Will Not Get Extra Foreclosure Aid

Arizona Will Not Get an Extra Foreclosure Aid Because of the high unemployment rate in Arizona, struggling homeowners were hoping to receive additional help from the federal government’s latest foreclosure-prevention program.

The U.S. Treasury Department named the states that will pass out $2 billion in additional funding to help homeowners facing foreclosure due to unemployment.

Arizona wasn’t on the list and it caused a huge disappointment to many of the state’s homeowners. Although the state of Arizona is already receiving $125.1 million from the federal government’s Hardest Hit Housing Markets fund, they were hoping for more.

Such states as California, Florida, Nevada, Michigan and Arizona are sharing $1.5 billion through a program for areas with the biggest drop in home prices. These five states have the highest foreclosure rates in the union.

In June the Bureau of Labor Statistics reported that Arizona’s unemployment rate was 9.6% but in July it quickly rose to the highest in the country at 14.2%. Michigan is second, having 13.2%, and the third place in the list is taken by California at 12.3%. Florida is in the top 10 with an unemployment rate of 11.4%.

The U.S. average rate for unemployment is 9.5%.

Arizona might pretend again for another round of funding to help homeowners to avoid foreclosure.

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