Upcoming Wave of Phoenix Foreclosures?

Headlines quick to report foreclosure activity rises in 21 states

News of this activity seemed to cast doubt on a housing recovery, and gives hope to buyers  who have been watching the market for great deals that have seemed to evaporate in the last 12 months. One article even said it was the 2012 tidal wave of foreclosures.  The trap that many fall into is not understanding the underlying cause as why this is happening in these specific states.   Some states have been impacted harder than others; Florida, California, Arizona, Georgia, and Nevada, to name a few.  However, the increase in foreclosure activity in this case can be better traced to the foreclosure process employed by a state.  The above graph shows the pending foreclosures for Maricopa county.  No tsunami or tidal wave on the horizon for Arizona.  Read on to find out why.

Judicial or Non-Judicial Foreclosure- What is Arizona?

26 states employ a judicial foreclosure which is processed through the courts where the lender files a complaint and records a notice of Lis Pendens.  This is more prevalent in the east and mid-west in states such as Florida, Illinois, Wisconsin, Delaware, and Pennsylvania. The homeowner may appear before the judge and dispute any material facts.

The remaining states use a non-judicial foreclosure process.   Arizona is such a state.  This gives the lenders the ability to sell the property without court involvement.  The process is much simpler and quicker.   After missed payments the lender will issue a Notice of Trustee Sale, typically 90 days after the first missed payment.  The Notice of Trustee Sale will set a sale date usually 90 days from the notice date.

What was really said about the “tidal wave of foreclosures”?

Brandon Moore of Realty Trac also said, “The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial
foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

Activity in the 26 states with a judicial foreclosure process rose 24% in February, compared with February 2011, while activity in 24 states with a non-judicial process decreased 23% Bottom line: The non-judicial states are processing the foreclosures quicker compared to their judicial counterparts.  As the housing market bottoms out in many states, the blanket one size fits all comments about real estate can be very misleading.  Just ask any buyer trying to purchase a house in the east valley who has submitted an offer only to find out that it went for above list price and there were 5 competing buyers.

Lender-owned foreclosures in Gilbert and Chandler

The graph to the left shows the active listings for Chandler foreclosures.  It is clearly evident that the number of foreclosures is in significant decline as fewer homeowners are receiving a notice of trustee sale.  Even if it levels out, I don’t see evidence of a tidal wave of foreclosures.

If you are interested in receiving lender-owned foreclosures in any Phoenix area city,   click on receive up to date foreclosure properties.

Related Posts:

Where’s the real estate market going in 2012?

Short Sale posts

Who really loses on a foreclosure?

Bank-owned Waterfront Foreclosures

$625,000 :: 10040 E HAPPY VALLEY Road #330, Scottsdale AZ, 85255

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3 beds, 3.5 baths
Home size: 3,559 sq ft
Lot Size: 29,186 sq ft
Added: 07/10/19, Last Updated: 07/20/19
Property Type: Single Family
MLS Number: 5950399
Community: DESERT HIGHLANDS PHASE 1
Tract: DESERT HIGHLANDS PHASE 1
The price of this listing was last increased on 7/16/2019 by 8%
Status: Active


Investment Opportunity. This home is eligible for the Residential Remodel Program thru the Desert Highland's HOA. This will allow an investor to purchase this home, complete the remodel and resell without having to pay the $75K club membership fee. This home has beautiful potential but currently lots of deferred maintenance and no upgrades with the finishes or amenities. This property will be sold as is. Contact Erica for more details!

Listed with RE/MAX Fine Properties


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$654,000 :: 8548 N FARVIEW Drive, Scottsdale AZ, 85258

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4 beds, 2.5 baths
Home size: 2,852 sq ft
Lot Size: 8,277 sq ft
Added: 05/22/19, Last Updated: 07/19/19
Property Type: Single Family
MLS Number: 5929556
Community: EASTWOOD AMD
Tract: EASTWOOD AMD
The price of this listing was last reduced on 7/19/2019 by 4%
Status: Active


Extensive remodel with 4 br's and a loft in beautiful Gainey Ranch. The kitchen, bathrooms, laundry and wine room have custom shaker cabinets and quartz countertops. The home has new tile downstairs and new carpet upstairs, new paint, new appliances, ceiling fans, 84 new can lights, washer/dryer, new windows and countless additional upgrades. Located within a great school district with HOA fees of just $30 per month. A beautiful renovated home for just $242 per square foot! Act quickly.

Listed with Homie


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$784,900 :: 21950 N 90TH Street, Scottsdale AZ, 85255

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4 beds, 3 baths
Home size: 3,841 sq ft
Lot Size: 43,125 sq ft
Added: 07/18/19, Last Updated: 07/18/19
Property Type: Single Family
MLS Number: 5953765
Community: PINNACLE PEAK VISTAS 3 LOT 1-210 TR A-B
Tract: PINNACLE PEAK VISTAS 3 LOT 1-210 TR A-B
Status: Active


PINNACLE PEAK VISTAS COMMUNITY. GORGEOUS HOME WITH 4 BEDROOMS, 3 BATHROOMS, LIVING ROOM ARA, NICE BACK YARD WITH A PRIVATE POOL TO ENJOY ON THE HOT DAYS OF THE YEAR AND WHAT IS BEST NO HOA!!!!!! THIS IS THE PERFECT OPPORTUNITY FOR HOME BUYERS. LOCATED IN A NICE QUIET COMMUNITY CLOSE TO DINING, STORES, FREEWAYS, GOLD COURSE DC RANCH AND MUCH MORE. THIS IS A BANK OWN PROPERTY. SOLD AS IS CONDITION. NO SPDS AND CLUE REPORT. SELLER WILL NOT MAKE A DECISION ON ANY OFFER IN THE FIRST 10 DAYS OF THE LISTING.

Listed with JM Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$539,900 :: 1410 E HORSESHOE Drive, Chandler AZ, 85249

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5 beds, 3.5 baths
Home size: 4,451 sq ft
Lot Size: 12,633 sq ft
Added: 07/09/19, Last Updated: 07/09/19
Property Type: Single Family
MLS Number: 5949964
Community: SYMPHONY 2
Tract: SYMPHONY 2
Status: Active


Enter through beautiful double glass doors to a tiled entry and step down formal living and dining with soaring ceilings and plantation shutters. The massive gourmet kitchen has an abundance of cherry cabinets, wine rack,, gas cook top, double wall mount ovens, granite counters, breakfast bar. The spacious family room has a built-in wet bar and entertainment center. The laundry room has wash sink, folding counter and storage cabinets. The loft is perfect for a media or game room, maybe even both! All bedrooms are very large. The his/her master walk-in closets have custom cabinetry. The en-suite has double vanity, soaking tub, separate shower.

Listed with Realty ONE Group


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$314,900 :: 8442 E MONTEBELLO Avenue, Scottsdale AZ, 85250

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3 beds, 2.5 baths
Home size: 1,408 sq ft
Lot Size: 1,743 sq ft
Added: 07/08/19, Last Updated: 07/08/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5949535
Community: PARK SCOTTSDALE TOWNHOUSE UNIT TWO /CONDOMINIUM/
Tract: PARK SCOTTSDALE TOWNHOUSE UNIT TWO /CONDOMINIUM/
Status: Active


Welcome home to this beautifully remodeled 3 bedroom/2.5 bath centrally located town home in Park Scottsdale Townhouses. This is one of the few homes with a full master bathroom! Conveniently located to Loops 101 & 202. Home features include tile floors, upgraded kitchen with island, upgraded bathroom, covered patio, storage shed, inside laundry and ceiling fans throughout. This remarkable property is available for immediate sale. The seller is very responsive and the property is a perfect opportunity for all buyer types.

Listed with American Allstar Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$999,900 :: 10040 E HAPPY VALLEY Road #465, Scottsdale AZ, 85255

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3 beds, 3 baths
Home size: 3,795 sq ft
Lot Size: 27,443 sq ft
Added: 07/07/19, Last Updated: 07/08/19
Property Type: Single Family
MLS Number: 5949292
Community: DESERT HIGHLANDS PHASE 2
Tract: DESERT HIGHLANDS PHASE 2
Status: Active


BANK OWNED !! Desert Highlands custom contemporary w/walls of glass, filled with natural light. Gorgeous mountain and city light views.Huge great room with sunken bar, fireplace and pool views. Viking kitchen with every detail high quality and custom. A great property in an outstanding country club community.

Listed with Coldwell Banker Residential Brokerage


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$890,000 :: 28907 N 136TH Street, Scottsdale AZ, 85262

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5 beds, 4 baths
Home size: 4,182 sq ft
Lot Size: 57,935 sq ft
Added: 07/05/19, Last Updated: 07/05/19
Property Type: Single Family
MLS Number: 5948618
Community: NO HOA
Tract: NO HOA
Status: Active


This Equestrian Manor is the spot for your dream home or ranch! This incredible 5 bed, 4 bath home offers stone accents throughout, wooden & tile flooring, and great room w/beamed ceiling, gas fireplace, & 4-panel wall of sliding doors merging the interior of your home to the exterior of your backyard. Chef's kitchen delight has center island, walk-in pantry, granite counters, breakfast bar, plenty of cabinets, and SS appliances. Master retreat features fireplace, private exit, walk-in closet, and full bath w/dual sinks & separate tub/shower. Large backyard boasts fire pit, balcony, covered patio, beautiful pool & spa area w/synthetic grass, and equestrian amenities. Property is fully fenced with RV gates for trailer access. Must see!

Listed with Taylor Street Realty Services


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$1,693,500 :: 11701 E DESERT TRAIL Road, Scottsdale AZ, 85259

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5 beds, 5 baths
Home size: 5,446 sq ft
Lot Size: 61,420 sq ft
Added: 05/03/19, Last Updated: 07/02/19
Property Type: Single Family
MLS Number: 5920946
Community: ANCALA NORTH PHASE THREE PART 1B
Tract: ANCALA NORTH PHASE THREE PART 1B
The price of this listing was last reduced on 7/2/2019 by 2%
Status: Active


Outstanding Territorial Home nestled on over an acre of land with a sparkling infinity pool & breathtaking mountain views. Private gated courtyard entry, decorative fountain, & flagstone path. Coffered foyer ceilings, beautiful travertine floors w/inserts, classic fireplace, warm & welcoming palette, soaring ceilings, retractable sliding doors to patio, & plenty of natural light throughout. Granite kitchen counters, stone accent center island, SS appliances, built-in desk nook, & plethora of wood cabinetry. Spacious open floor plan features 2nd fireplace in family room w/custom entertainment center, ceiling fans, & upgraded lighting. High-end carpet in all the right places, ample closets, & 5 baths. All this on a HUGE lot offering more potential.

Listed with WEICHERT, REALTORS - Peak Performance


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$1,273,000 :: 11802 E LARKSPUR Drive, Scottsdale AZ, 85259

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4 beds, 4.5 baths
Home size: 5,001 sq ft
Lot Size: 44,867 sq ft
Added: 04/03/19, Last Updated: 06/26/19
Property Type: Single Family
MLS Number: 5905491
Community: ANCALA
Tract: ANCALA
The price of this listing was last reduced on 6/26/2019 by 5%
Status: Active


Absolutely STUNNING PIECE OF PROPERTY! This fabulously located home in the ANCALA GUARDED COMMUNITY features an array of beautiful accent touches. The 4 bedroom 4.5 bathroom home boast an incredible high ceiling entry, with marble floors, custom paint, alder cabinets in kitchen, granite counter tops, upgraded plumbing fixtures, kitchen island, upgraded appliances, curved bar, large formal/living room with built in cabinets, large dining area with easy access to the covered patio backyard facing the beautiful foothill mountains of McDowell Mountain. Large bedrooms, each with their own highly upgraded bathrooms/showers - Expansive master bedroom with double door entry, large master bathroom with walk kin closet, separate his/her toilets, separate office within master, adjacent additional

Listed with Desert Gateway Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$404,900 :: 6849 E PEARL Street, Mesa AZ, 85207

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4 beds, 3 baths
Home size: 2,475 sq ft
Lot Size: 5,663 sq ft
Added: 04/16/19, Last Updated: 06/24/19
Property Type: Single Family
MLS Number: 5912375
Community: VINTAGE HILLS AT LAS SENDAS
Tract: VINTAGE HILLS AT LAS SENDAS
The price of this listing was last reduced on 6/24/2019 by 3%
Status: Active


4 bedroom/3 bath home in gated community of Las Sendas. Conveniently located near schools and Loop 202. Home features include brand new carpet, paint, granite and fixtures throughout. This beautiful home offers mountain views, North/South exposure, stone veneer, front porch, back patio with built-in BBQ, high ceiling with fans throughout, granite counters, wood shutters and a 3 car garage with cabinets and epoxy floor. This remarkable property is available for immediate sale. The seller is very responsive and the property is a perfect opportunity for all buyer types.

Listed with American Allstar Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


 

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