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

$270,000 :: 1035 S ROWEN --, Mesa AZ, 85208

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,648 sq ft
Lot Size: 7,405 sq ft
Added: 06/26/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5785718
Community: FULTON HOMES AT SUPERSTITION S
Tract: FULTON HOMES AT SUPERSTITION S
The price of this listing was last reduced on 8/17/2018 by 4%
Status: Active


20x20 diagonally tile*surround sound* wood blinds*all stainless steel GE profile appliances*Corian counter tops*California closets*security system*custom cabinetry*lots of flagstone*custom Pebbletec heated pool with waterfall*spa*landscaping front and back*custom Bar-B-Q with sink and refrigerator*the list goes on .This is a wonderful home for entertaining in and out .must call agent to show owner has dogs.

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/!


$215,000 :: 2615 W ISABELLA Avenue, Mesa AZ, 85202

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,348 sq ft
Lot Size: 9,583 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808157
Community: LOS ALTOS AMD
Tract: LOS ALTOS AMD
Status: Active


3 bedroom/2 bath block home on large cul-de-sac lot in lake community Los Altos. Conveniently located near US-60, Loop 101, shopping & entertainment. Home features include North/South exposure, covered patio, storage sheds and open kitchen with breakfast bar. This remarkable property is available for immediate sale. The seller is very responsive and the property is a perfect opportunity. Take advantage of this amazing opportunity.

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/!


$245,000 :: 201 S 95TH Street, Chandler AZ, 85224

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 1,570 sq ft
Lot Size: 7,840 sq ft
Added: 08/12/18, Last Updated: 08/16/18
Property Type: Single Family
MLS Number: 5806092
Community: Green Valley Estates Unit 2 Lo
Tract: Green Valley Estates Unit 2 Lo
The price of this listing was last reduced on 8/16/2018 by 4%
Status: Active


CENTRALLY LOCATED HOME FEATURES 4 BEDROOMS 2 BATHS, LIVING ROOM, FAMILY ROOM, TILE FLOORING THROUGHTOUT AND POOL.NO HOA.BREAKFAST BAR HOUSE NEEDS A LITTLE TLC AND IS PRICED ACCORDINGLY.OCCUPANTS ARE IN THE PROCESS OF MOVING SO PLEASE EXCUSE THE BOXES.CLOSE TO CHANDLER MALL.

Listed with West USA 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/!


$279,900 :: 2705 N HARTFORD Street, Chandler AZ, 85225

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 1,805 sq ft
Lot Size: 7,840 sq ft
Added: 08/08/18, Last Updated: 08/16/18
Property Type: Single Family
MLS Number: 5803900
Community: PROJECT 12 ASSOCIATES LOT 1-17
Tract: PROJECT 12 ASSOCIATES LOT 1-17
The price of this listing was last reduced on 8/16/2018 by 2%
Status: Active


LOCATION! LOCATION! LOCATION! NO HOA! This gorgeous 4 bedroom, 2 bath home won't last long and is priced $13,000 BELOW appraisal!! NEWLY REMODELED KITCHEN AND BATHROOMS! Stainless Steel Appliances! ROOF WAS REPLACED 7 YEARS AGO! WATER HEATER IS ONLY 2 YEARS OLD! NEUTRAL COLORS and Laminate wood flooring throughout. Spacious Master bedroom suite with walk-in Closet. Master Bathroom has double sink vanity with tub/shower. Backyard has a Large covered patio and lap pool, the perfect spot to relax at after a hot and stressful day!

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/!


$414,900 :: 2361 S GLEN Drive, Chandler AZ, 85286

Property Photo

Mls Icon

5 beds, 3 baths
Home size: 3,430 sq ft
Lot Size: 12,196 sq ft
Added: 12/02/17, Last Updated: 08/15/18
Property Type: Single Family
MLS Number: 5694440
Community: EAGLE GLEN 1
Tract: EAGLE GLEN 1
The price of this listing was last reduced on 8/15/2018 by 3%
Status: Active


Huge price reduction!!! Ready to sell! Beautiful home with new carpet, fresh paint, new Stainless Steel appliances ready for a new owner. Several living areas for lounging or entertaining guests. Large master bedroom with his-and-her closets. Secluded office area or study area for the kids. Backs to the San Tan Vista Trail.

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/!


$640,000 :: 14906 E CHAPAROSA Way, Scottsdale AZ, 85262

Property Photo

Mls Icon

3 beds, 4 baths
Home size: 4,493 sq ft
Lot Size: 217,800 sq ft
Added: 03/05/18, Last Updated: 08/15/18
Property Type: Single Family
MLS Number: 5732484
Community: Base of Tonto National Forest
Tract: Base of Tonto National Forest
The price of this listing was last reduced on 7/5/2018 by 5%
Status: Active


COME TO THE WILD WEST! Scottsdale address with county amenities! Tranquil setting, panoramic mountain views. Front of this custom home faces Tonto National Forest.The 5 acres have been cleared of most desert shrubbery on the west and back part of the property.Design your horse facilities to your liking. Enter home through the private court yard into a large living/dining room featuring fireplace, large screen TV, (as is),and surround sound.Don't miss the spacious den/office! All bedrooms are en-suite, and have walk in closets. 3rd bedroom could easily be split into 4th bedroom. Private bath right outside the door.Kitchen has walk-in pantry,stainless steel appliances,gas cook top,tile flooring,granite, double ovens, microwave and lots of cabinets. Master has 13x13 walk-in closet.Jetted

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/!


$295,000 :: 10663 E Bogart Avenue, Mesa AZ, 85208

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 2,875 sq ft
Lot Size: 6,534 sq ft
Added: 07/20/18, Last Updated: 08/10/18
Property Type: Single Family
MLS Number: 5796420
Community: Signal Butte Ranch
Tract: Signal Butte Ranch
The price of this listing was last reduced on 8/10/2018 by 3%
Status: Active


Beautiful Remodel Is Immaculate & Ready For Immediate Move In! Some Spectacular Finishes Include Ceramic Plank Floors Throughout - NO Carpeting On Main Floor Or In ANY Traffic Areas - New Carpeting In Bedrooms Only! PLUS, Slab Quartz Counters, Resurfaced Cabinets w/Custom Hardware, Crown Moulding, Stainless Appliances, Extra Enormous Combination Pantry & Laundry Room, Upgraded Fans, Fixtures & Hardware Throughout Including Custom Lighting, Marble Floors In Baths, Customized Master Closet, Deck Off Master Bedroom, Oversized Upstairs Linen Closet & Much More! To Experience This Home In Person Is To Love It From That Moment On!

Listed with Lori Blank & Associates, LLC


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 :: , Gilbert AZ, 85298

Property Photo

Mls Icon

0 beds, 0 bath
Home size: 2,140 sq ft
Lot Size: 85,377 sq ft
Added: 06/01/18, Last Updated: 08/10/18
Property Type: Single Family
MLS Number: 5774271
Community: Metes and Bounds
Tract: Metes and Bounds
The price of this listing was last reduced on 8/10/2018 by 14%
Status: Active


Great opportunity for custom home on nearly 2 acres in large lot subdivision with no neighbors behind (backs to canal). Lots of potential with this REO/Bank Owned Property. Property sold as occupied. DO NOT DISTURB OR CONTACT OCCUPANT. Bedroom/bathroom count is unknown, Seller and Listing Broker have not viewed interior of property. This property is now under auction terms. This property is subject to a 5% buyer's premium pursuant to the Auction Terms & Conditions (minimums may apply). All auction assets will be sold subject to seller approval.

Listed with LRA Real Estate Group, LLC


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


$1,300,000 :: 24200 N ALMA SCHOOL Road #48, Scottsdale AZ, 85255

Property Photo

Mls Icon

5 beds, 5.5 baths
Home size: 7,280 sq ft
Lot Size: 72,309 sq ft
Added: 12/05/17, Last Updated: 08/10/18
Property Type: Single Family
MLS Number: 5695320
Community: SONORAN HIGHLANDS PHASE 2 AMD
Tract: SONORAN HIGHLANDS PHASE 2 AMD
The price of this listing was last increased on 8/10/2018 by 15%
Status: Active


Motivated Seller! All Reasonable offers will be considered! Investors! Great Home in great condition Below Market Value! Built by Bob Biggler,known for his organic, interior and exterior adobe details, vega beam ceilings, impressive artistic front door suspended on a single pivot, welcomes you to the home. Master suite with separate sitting room or nursery, huge master bath boasts a double shower and a huge walk-in closet, adjacent to office loft with stone fireplace. Central kitchen with adjacent dinette overlooking front patio. Two sinks, disposals and ovens one convection, microwave, dishwasher, walk in pantry.

Listed with A.Z. & Associates Real Estate 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/!


$135,000 :: 5877 N GRANITE REEF Road #1130, Scottsdale AZ, 85250

Property Photo

Mls Icon

1 bed, 1 bath
Home size: 665 sq ft
Lot Size: 871 sq ft
Added: 08/09/18, Last Updated: 08/09/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5804386
Community: Monterra Scottdsale
Tract: Monterra Scottdsale
Status: Active


This updated 1 bed 1 bath condo features wood flooring throughout the main living area as well as tile in the kitchen and bath. Full sized washer and dryer in unit. Granite counter tops in kitchen and bath. Brand new windows and sliding glass door are hyper energy efficient and nearly soundproof. AC is included in the HOA dues so electric bills are extremely low. All other utilities are included in the HOA dues. The community features a year-round heated pool, spa, fitness center and clubhouse that is available for larger gatherings. Covered parking only feet from the front door as well as plenty of uncovered guest parking. Extremely easy freeway access.

Listed with North & Co


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 *