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

$99,900 :: 1340 N RECKER Road #208, Mesa AZ, 85205

Property Photo

Mls Icon

1 bed, 1 bath
Home size: 743 sq ft
Lot Size: 871 sq ft
Added: 10/18/18, Last Updated: 10/18/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5835349
Community: ARRIVA CONDOMINIUM HOMES
Tract: ARRIVA CONDOMINIUM HOMES
Status: Active


Great condo in Mesa! This one features built ins, fireplace, and ceiling fans. Seller even put in brand new neutral colored carpet and paint!***See Realtor Remarks for access information. Buyer to verify all facts, figures, measurements and HOA related fees. Property sold as-is!***

Listed with Olson Gough


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


$265,000 :: 2806 S ANDERSON Lane, Gilbert AZ, 85295

Property Photo

Mls Icon

3 beds, 2.5 baths
Home size: 1,875 sq ft
Lot Size: 5,227 sq ft
Added: 10/18/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5835158
Community: COOLEY STATION PHASE 1
Tract: COOLEY STATION PHASE 1
Status: Active


BEAUTIFUL 3 BEDROOM HOME IN COOLEY STATION ON RARE CORNER LOT! THIS PROPERTY HAS ONLY ONE NEIGHBOR AND PRIVATE SIDE YARD W/COVERED PATIO. BUILT IN 2015, THIS HOME IS LOCATED ON PREMIUM GREENBELT & FRONT IS MAINTAINED BY HOA!! THE KITCHEN FEATURES UPGRADED MAPLE CABINETRY, GAS RANGE/OVEN, WALK-IN PANTRY & BREAKFAST BAR. OPEN CONCEPT GREAT ROOM ADJOINS BREAKFAST ROOM & LOOKS OUT TO COVERED PATIO. 1ST FLOOR HAS DEN & POWDER ROOM THAT WAS PRE-PLUMBED FOR FUTURE SHOWER/TUB. MASTER & SECONDARY BEDROOMS ON 2ND FLOOR W/LOFT & LAUNDRY

Listed with Keller Williams Realty East Valley


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


$187,000 :: 3240 E FARMDALE Avenue, Mesa AZ, 85204

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,417 sq ft
Lot Size: 9,583 sq ft
Added: 10/18/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5834906
Community: COUNTRYSIDE ESTATES
Tract: COUNTRYSIDE ESTATES
Status: Active


Location, Location, Location! Inviting front porch! 3 bed 2 bath. **ALLERGY ALERT** Heavy cat smell. Separate Family and Living Room! Big backyard with pool! RV gate! Mature trees! No HOA! Home needs work. Please look at all pictures and walk through the home for an accurate representation.

Listed with Re/Max Precision


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


$2,000,000 :: 10182 E PHANTOM Way, Scottsdale AZ, 85255

Property Photo

Mls Icon

7 beds, 7.5 baths
Home size: 5,449 sq ft
Lot Size: 20,037 sq ft
Added: 10/17/18, Last Updated: 10/17/18
Property Type: Single Family
MLS Number: 5834687
Community: DC RANCH PARCEL G.1
Tract: DC RANCH PARCEL G.1
Status: Active


All the bedrooms are up with a large lower living area accessing the outdoor areas through multiple courtyard doors. Separate pool and spa as well as two up and down casita areas with individually controlled heating/cooling. Solar panel system that is owned. Master bedroom with an adjacent office area and a walkout balcony overlooking the lush back yard. Large kitchen has all you would expect in this home. 5 bedrooms, 5.5 baths in the main home and additional 1 bdrm/full bath in each of the separate casitas.

Listed with Realty Executives


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


$330,000 :: 3571 S Barberry Place, Chandler AZ, 85248

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,900 sq ft
Lot Size: 7,405 sq ft
Added: 10/17/18, Last Updated: 10/17/18
Property Type: Single Family
MLS Number: 5834655
Community: CARMEL BAY AT OCOTILLO MC
Tract: CARMEL BAY AT OCOTILLO MC
Status: Active


Beautiful 3 bedroom + retreat, could easily be converted into 4th bedroom.Tile in Kitchen, wood flooring in family room+. Corner lot sits up high for privacy. Light, bright open floor plan. Outstanding value in Ocotillo lakes area with pool! Mature trees. Close to shopping, restaurants, schools and freeways. Please use Magnus Title 7400 S Power Rd # 102, Gilbert, AZ 85297

Listed with Century 21 Arizona Foothills


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


$594,500 :: 7450 E SAND HILLS Road, Scottsdale AZ, 85255

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 3,067 sq ft
Lot Size: 7,840 sq ft
Added: 09/08/18, Last Updated: 10/15/18
Property Type: Single Family
MLS Number: 5817667
Community: TALARA
Tract: TALARA
The price of this listing was last reduced on 10/15/2018 by 1%
Status: Active


Popular two-story model in Talara, a highly desirable gated community in North Scottsdale. Kitchen completely upgraded in 2013. Newer wood-like plank tile flooring. Sparkling pool with waterfall spa. Low maintenance landscaping with plenty of privacy in back yard that backs to a wash area. Newer water heater, pool pump, etc. Don't miss the large walk-in closet in the Master. Balcony is spacious with beautiful views and a North South exposure!

Listed with Keller Williams Realty Sonoran Living


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


$275,000 :: 7337 E Medina Avenue, Mesa AZ, 85209

Property Photo

Mls Icon

3 beds, 2.5 baths
Home size: 1,545 sq ft
Lot Size: 6,534 sq ft
Added: 08/28/18, Last Updated: 10/11/18
Property Type: Single Family
MLS Number: 5812587
Community: Superstition Springs Village U
Tract: Superstition Springs Village U
The price of this listing was last increased on 10/5/2018 by 13%
Status: Active




Listed with Keller Williams Realty Phoenix


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


$394,900 :: 1571 W WINCHESTER Way, Chandler AZ, 85286

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 2,279 sq ft
Lot Size: 6,969 sq ft
Added: 08/22/18, Last Updated: 10/08/18
Property Type: Single Family
MLS Number: 5810245
Community: SILVERTON RANCH
Tract: SILVERTON RANCH
The price of this listing was last reduced on 9/25/2018 by 3%
Status: Active


4 bedroom/2 bath home in Silverton Ranch. Conveniently located near Loops 101 & 202. Home features include North/South exposure, 3 car garage, AZ room, vaulted ceilings, split floor plan, open kitchen, desert landscaping and ceiling fans. 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/!


$240,000 :: 607 E MILLETT Avenue, Mesa AZ, 85204

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,236 sq ft
Lot Size: 10,454 sq ft
Added: 10/04/18, Last Updated: 10/08/18
Property Type: Single Family
MLS Number: 5828912
Community: EAST MILLETTS GREEN ACRES
Tract: EAST MILLETTS GREEN ACRES
The price of this listing was last reduced on 10/8/2018 by 4%
Status: Active


This is in a Non-HOA neighborhood and is a huge corner lot with double gate access to the back yard. Lots of places for storage. Beautiful green grassy front and back yard landscaping, stone accents on the front facade, and a newly surfaced pebble-tec pool. Light Grey interior paint, with matching tile floor and brand new carpet in secondary bedrooms. Updated bathrooms. Kitchen has quartz counter tops, a tiled backsplash, SS stove and black dishwasher and microwave, kitchen island with breakfast bar, pantry and can lighting. Large dining area. Covered back patio, laundry room, storage room and storage shed. Home is all electric. Schedule a showing. Great price for a 3 bedroom home with a swimming pool!

Listed with Revelation Real Estate


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


$1,195,000 :: 19986 N 95TH Street, Scottsdale AZ, 85255

Property Photo

Mls Icon

5 beds, 4.5 baths
Home size: 5,731 sq ft
Lot Size: 30,056 sq ft
Added: 10/04/18, Last Updated: 10/04/18
Property Type: Single Family
MLS Number: 5828577
Community: La Strada
Tract: La Strada
Status: Active


Located in the private gated enclave of La Strada, this home is a show stopper that you won't want to miss. The versatile floor plan features a gourmet kitchen open to the great room which is complemented by a fireplace and an expansive walk behind bar. The master retreat could not get any better and features the ultimate spa like bathroom with separate his and hers everything... from the separate vanities to the two separate commode rooms and the two enormous walk-in closets! The versatile guest wing is centered around a family/game room with two sets of suits on either side along with access to the backyard and bar. If all this wasn't enough this fantastic home features two different outdoor spaces... enjoy the setting sun on the Mc Dowell Mountains in the courtyard complete with

Listed with RE/MAX Excalibur


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


 

One Reply to “Upcoming Wave of Phoenix Foreclosures?”

Leave a Reply

Your email address will not be published. Required fields are marked *