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

$309,900 :: 373 E TREMAINE Drive, Chandler AZ, 85225

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4 beds, 3 baths
Home size: 1,323 sq ft
Lot Size: 41,382 sq ft
Added: 12/13/18, Last Updated: 12/13/18
Property Type: Single Family
MLS Number: 5857043
Community: TREMAINE PARK
Tract: TREMAINE PARK
Status: Active


4 bedroom/3 bath home in Tremaine Park. Conveniently located near US-60 and Loop 202. Home features include North/South exposure, large fenced yard with private pool, dual pane windows, RV gate, 3 baths, open kitchen and covered patio. No HOA and horse privileges with set-up! 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/!


$374,900 :: 3153 E ANDRE Avenue, Gilbert AZ, 85298

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5 beds, 4 baths
Home size: 3,304 sq ft
Lot Size: 7,840 sq ft
Added: 11/13/18, Last Updated: 12/12/18
Property Type: Single Family
MLS Number: 5846484
Community: COUNTRY SHADOWS
Tract: COUNTRY SHADOWS
The price of this listing was last reduced on 12/12/2018 by 1%
Status: Active


Gorgeous 5 bedroom home with 4 full baths and 2 master suites!! Huge great room and kitchen that is perfect for entertaining! This home also features a loft and an office. The kitchen boasts a large island, granite countertops and plenty of cabinets. The master ensuite features dual sinks, separate tub and shower, private toilet room and walk in closets as well as a private balcony with mountain views! All the secondary bedrooms feature large walk in closets as well. Neutral paint and flooring throughout. Don't miss your opportunity to own in the highly sought after County Shadows community!

Listed with The Offer Company


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


$579,000 :: 1426 E Calle De Arcos Street, Tempe AZ, 85284

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5 beds, 3 baths
Home size: 3,016 sq ft
Lot Size: 16,988 sq ft
Added: 11/13/18, Last Updated: 12/12/18
Property Type: Single Family
MLS Number: 5846352
Community: CORONA DEL SOL ESTATES LOT 1-197
Tract: CORONA DEL SOL ESTATES LOT 1-197
The price of this listing was last reduced on 12/12/2018 by 3%
Status: Active


Here is your opportunity to own in the highly sought after Corona Del Sol Estates!! This is one of the most community oriented neighborhoods with the best schools. And to top it off there is no HOA!! This 5 bedroom 3 bath has a great floor plan that brings the family together yet offers private space as well. Plus it sits on an almost 18,000 sq/ft lot of lush and mature landscaping. There are beautiful vaulted wood ceilings as you enter into the foyer that carry into the great room. The kitchen features a huge walk in pantry, double ovens and a ton of potential!! The master bedroom boasts a unique beehive fireplace for those chilly winter nights and a large walk-in closet.The master bath has a separate tub and shower as well as dual sinks. Don't miss this opportunity!!

Listed with The Offer Company


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


$230,000 :: 1836 N STAPLEY Drive #102, Mesa AZ, 85203

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3 beds, 2.5 baths
Home size: 1,428 sq ft
Lot Size: 3,484 sq ft
Added: 12/12/18, Last Updated: 12/12/18
Property Type: Single Family
MLS Number: 5856530
Community: Stapley Greens
Tract: Stapley Greens
Status: Active


Opportunity to own a 3bed/2.5 bath in the great community of Stapley Greens! This two story features a HOA maintained front yard, a 2 car garage and soaring vaulted to ceilings to really give it that open spacious feeling! There is a new water heater as of 2018, fresh paint in 2018 and an updated community pool/spa! Inside enjoy the large family room separate from the kitchen, a downstairs half bath and a formal dining area. The eat in kitchen features amply counter and cabinet space, a pantry and plenty of space for entertaining! Outside boasts a covered patio and a blank slate yard ready for your new ideas! Homes in this price range and far and few in between, schedule your private showing today, this one will go quick!!

Listed with My Home Group 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/!


$295,500 :: 691 N ALDER Drive, Chandler AZ, 85226

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3 beds, 2.5 baths
Home size: 2,185 sq ft
Lot Size: 8,712 sq ft
Added: 11/08/18, Last Updated: 12/11/18
Property Type: Single Family
MLS Number: 5844201
Community: PARK PROMENADE PARCEL 1 AMD
Tract: PARK PROMENADE PARCEL 1 AMD
The price of this listing was last reduced on 12/11/2018 by 6%
Status: Active


REDUCED FOR IMMEDIATE SALE! EXCELLENT BUYER OPPORTUNITY & CHANDLER LOCATION IN HIGH DEMAND ''PARK PROMENADE'' SUBDIVISION WITH LOW SEMI-ANNUAL HOA FEES. PREMIUM OVERSIZE LOT WITH POOL & SPA, BUILT-IN BBQ, & SEPARATE BACKYARD PLAY AREA! TERRIFIC UPSIDE & POTENTIAL AFTER NEW BUYER UPDATES & REMODELS. SUPER 2 STORY FLOOR PLAN FEATURES 3 BEDROOMS PLUS LOFT, 2.5 BATHS, INSIDE LAUNDRY RM, FORMAL LIVING & DINING, REAR EAT-IN-KITCHEN & FAMILY RM, MASTER SUITE, LOFT, & ALL BEDROOMS UPSTAIRS, ELECTRIC & GAS UTILITIES, SIDE DOUBLE GATE, GARAGE SERVICE DOOR, REAR COVERED PATIO, 2 CAR GARAGE, & MORE! SUBMIT ALL CASH ONLY OFFERS NOW FOR SELLER REVIEW & APPROVAL.

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/!


$322,900 :: 1159 E DEL RIO Street, Gilbert AZ, 85295

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4 beds, 2 baths
Home size: 1,945 sq ft
Lot Size: 7,840 sq ft
Added: 11/12/18, Last Updated: 12/10/18
Property Type: Single Family
MLS Number: 5845975
Community: SPRINGTREE 2
Tract: SPRINGTREE 2
The price of this listing was last reduced on 12/10/2018 by 0%
Status: Active


Excellent opportunity in highly sought after Gilbert location! This 4 bedroom, 2 bathroom home sits on an interior, North/South exposure lot on very quiet street. This Beazer home offers an open floor plan with separate living room and family room. Hard surface flooring throughout with carpet in the bedrooms. Large kitchen with eat-in area, kitchen island and breakfast bar - all brand new appliances. Plantation shutters throughout home. Master features a large ensuite with separate shower & tub - nicely upgraded tile in the shower. Large lot with grassy backyard and covered patio!

Listed with Keller Williams Integrity First


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 :: 7815 E BILLINGS Street, Mesa AZ, 85207

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3 beds, 2 baths
Home size: 1,643 sq ft
Lot Size: 4,356 sq ft
Added: 12/10/18, Last Updated: 12/10/18
Property Type: Single Family
MLS Number: 5855850
Community: Villas at Montana Vista
Tract: Villas at Montana Vista
Status: Active


Situated on an Interior North/South Corner Lot with Stone Accents in Private Gated Community with Community Pool & Playground, This Like New Home Features 3 Bedrooms/2 Baths, Great Room Split Floor Plan, Lots of 18'' Diagonal Set Tile, 10' Ceilings, Open Eat-In Kitchen , Granite Counters, Upgraded Cabinets, Stainless Steel Double Ovens & Gas Cook-Top & B/I Microwave, 10' Ceilings In Owners Suite, Walk-In Closet & Dual Sinks in Master Bath, Covered Patio & Good Sized Yard, 2 Car Garage with 2' Extension, Soft Water Loop and More!

Listed with Keller Williams Integrity First


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


$1,680,000 :: 27771 N 103RD Place, Scottsdale AZ, 85262

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3 beds, 6 baths
Home size: 7,601 sq ft
Lot Size: 24,829 sq ft
Added: 12/06/18, Last Updated: 12/07/18
Property Type: Single Family
MLS Number: 5854805
Community: ESTANCIA PHASE 2A ESTATES
Tract: ESTANCIA PHASE 2A ESTATES
Status: Active


Very unique home backing a hillside in the renown Estancia Golf Club. This home is situated on a very elevated lot with fabulous views of the valley and Pinnacle Peak. Boasting a lot of outdoor entertaining area as well as open interior floor plan, this home has a master suite that is unprecedented! The living area has 20' glass walls to view the mountain in the back yard. Interior features are abundant also. There is an elevator from garage level to both the upper floors. Workout facility and wine room. Master Suite that encompasses the entire upper level has his and her bathrooms, spacious closets and offices! This home is really a livable work of art that has to be seen to be believed! Home has 5 Full Baths & 2 - 1/2 Baths.

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/!


$180,000 :: 2314 W BENTRUP Street, Chandler AZ, 85224

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2 beds, 1 bath
Home size: 909 sq ft
Lot Size: 6,098 sq ft
Added: 12/06/18, Last Updated: 12/06/18
Property Type: Single Family
MLS Number: 5854533
Community: KNOELL EAST UNIT 4 LOT 513-836
Tract: KNOELL EAST UNIT 4 LOT 513-836
Status: Active


Charming 2 bedroom 1 bath home featuring a spacious great room floor plan, kitchen with separate eating area, center island and most appliances, extended back patio. Great convenient location with easy access to the 101 freeway and all amenities. Buyer to verify any and all items that are of material issue.

Listed with Legion 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/!


$275,000 :: 522 E 10TH Drive, Mesa AZ, 85204

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4 beds, 4 baths
Home size: 2,574 sq ft
Lot Size: 8,276 sq ft
Added: 12/04/18, Last Updated: 12/04/18
Property Type: Single Family
MLS Number: 5853900
Community: SHADY LANES REPLATTED
Tract: SHADY LANES REPLATTED
Status: Active


Here is a home for the large family - 4 bedrooms and 4 baths, plus two bonus rooms that can be an office, nursery, storage, or activity center. Two of the bedrooms are upstairs with a Jack and Jill bath. Downstairs front bedroom has a private 3/4 bath. Master bedroom has full bath plus TWO WALLS of wardrobe closets! Huge eat-in kitchen with new appliances including refrigerator. Enter the front door into a large foyer with room for furniture. Fireplace in the living room. New carpet and tile throughout. All new interior paint Narrow (5 1/2 foot) RV gate and parking for toys like boats or ATV's. Hugh family room. New ceiling fans with lights. Block fence. Enormous rear patio, could be short basketball court. This home is move-in ready with everything new or remodeled.

Listed with DPR Realty 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/!


 

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