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

$257,300 :: 2020 E CHICAGO Street, Chandler AZ, 85225

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3 beds, 2 baths
Home size: 1,060 sq ft
Lot Size: 7,405 sq ft
Added: 02/20/18, Last Updated: 02/20/18
Property Type: Single Family
MLS Number: 5725845
Community: COLONIA CORONITA UNIT 3
Tract: COLONIA CORONITA UNIT 3
Status: Active


3 bedroom/2 bath home in Colonia Coronita on large lot. Conveniently located near Loop 202. Home features North/South exposure, RV gate, covered patio, 2 storage sheds, garage parking, split floor plan, ceiling fans, brick fireplace and dual pane windows. This home has been remodeled from top to bottom and features a brand new roof, new flooring, new modern granite counters and stainless steel appliances. 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/!


$262,200 :: 2753 E HOPE Street, Mesa AZ, 85213

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3 beds, 2 baths
Home size: 1,832 sq ft
Lot Size: 10,454 sq ft
Added: 02/20/18, Last Updated: 02/20/18
Property Type: Single Family
MLS Number: 5725840
Community: CHATEAU D ARNETT 4 LOT 115-166
Tract: CHATEAU D ARNETT 4 LOT 115-166
Status: Active


3 bedroom/2 bath home in Chateau D'Arnett. Conveniently located near Loop 202, US-60 and schools. Home features include North/South exposure tile floors, private pool, fireplace, split floor plan, covered patio, RV gate, and a Master Bath with double sinks and separate tub & shower. 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/!


$159,900 :: 6109 E ELLIS Street, Mesa AZ, 85205

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2 beds, 2.5 baths
Home size: 1,302 sq ft
Lot Size: 7,840 sq ft
Added: 01/13/18, Last Updated: 02/19/18
Property Type: Single Family
MLS Number: 5708812
Community: DREAMLAND VILLA 15
Tract: DREAMLAND VILLA 15
The price of this listing was last reduced on 1/13/2018 by 5%
Status: Active


HURRY! Great home in Dreamland Villa. 2 bed with 1 full bath, one 3/4 bath and a half bath! Additional rooms are not included in the assessor square footage. This one has mature citrus trees and lots of potential. Close to shopping, Freeways and community amenities. This community has a voluntary HOA with access to pools and facilities. This is a lender owned property.

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/!


$375,000 :: 6611 E THUNDERBIRD Road, Scottsdale AZ, 85254

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4 beds, 2 baths
Home size: 2,350 sq ft
Lot Size: 10,018 sq ft
Added: 02/17/18, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5725071
Community: RASKIN EST 2 LTS 1-360, 367-40
Tract: RASKIN EST 2 LTS 1-360, 367-40
Status: Active


Location, Location, Location!! Lots of potential in one of Scottsdale's most desirable zip codes!!! Surrounded by shopping & dining at Kierland Commons and Scottsdale Quarter. This is a great opportunity to buy low in Scottsdale. With some love this home will be amazing. 4 bedrooms, 2 baths with large yard and pool.

Listed with Homesmart


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


$309,500 :: 1406 N SADDLE Street, Gilbert AZ, 85233

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5 beds, 2.5 baths
Home size: 2,647 sq ft
Lot Size: 6,098 sq ft
Added: 11/16/17, Last Updated: 02/16/18
Property Type: Single Family
MLS Number: 5688734
Community: STONEHENGE - GILBERT
Tract: STONEHENGE - GILBERT
The price of this listing was last reduced on 1/27/2018 by 0%
Status: Active


ALL OFFERS CONSIDERED. NEED TO BE UNDER CONTRACT BY 1/12/18!! Great home in friendly and prime Gilbert location. This Home has it all 16'Tile, High Vaulted Ceilings in living room and formal dining room. Big family room w/ built in fire place and an open floor plan. Kitchen is very open with large island perfect for entertaining. Home is very inviting with 5 spacious bedrooms. Large backyard and with a pebble tech pool. Backyard is perfect for family gatherings and barbecues. To add to this gorgeous home property is located near the us-60 freeway and is Walking Distance to Restaurants, Shopping & Movie Theaters. Not only is this home perfect for a growing family but property is priced to sell.

Listed with Homesmart


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


$166,000 :: 8334 E Monte Avenue, Mesa AZ, 85209

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2 beds, 2 baths
Home size: 1,093 sq ft
Lot Size: 6,534 sq ft
Added: 02/16/18, Last Updated: 02/16/18
Property Type: Single Family
MLS Number: 5724542
Community: SUNLAND VILLAGE EAST 3
Tract: SUNLAND VILLAGE EAST 3
Status: Active


**HIGHEST and BEST OFFERS DUE BY THURSDAY (2-22-18) @ NOON.** Warm, inviting front porch! Bright, Open floorplan! Tile/vinyl in all the wet spots! Bonus room off kitchen (10x8) Full bath in Master! Walk out to back porch! Kitchen has pull-out shelves! cabinets in laundry! cabinets in garage! Shutters everywhere! Low maintenance desert landscaping!

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/!


$859,900 :: 38689 N 104TH Place, Scottsdale AZ, 85262

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4 beds, 4.5 baths
Home size: 3,248 sq ft
Lot Size: 7,405 sq ft
Added: 12/21/17, Last Updated: 02/16/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5700943
Community: DESERT MOUNTAIN PHASE 1 UNIT 4
Tract: DESERT MOUNTAIN PHASE 1 UNIT 4
Status: Active


New carpet & paint!! Enjoy your own quiet retreat in beautiful guard-gated golfing community of Desert Mountain Hacienda Village. Private courtyard, open floor plan, huge great room with soaring wood ceilings, exquisite detail, gourmet kitchen, granite counter tops, wine coolers, 2 master suites, walk-in custom closets, 3 bedrooms on main floor with separate upstairs 500 sq ft casita with outside entrance. Everything you would expect in your luxury retreat and more. Private courtyard with built-in BBQ, fireplace and spa you can also access from Master Suite!! Off patio, lush landscaping, walking paths, water features, access to sparking pool, mountain views. All the amenities you want in the Village including fitness room. Fireplaces in great room and master suite are warm and inviting.

Listed with Desert Dream 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/!


$222,000 :: 5975 W DEL RIO Street, Chandler AZ, 85226

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2 beds, 2 baths
Home size: 1,343 sq ft
Lot Size: 3,484 sq ft
Added: 02/16/18, Last Updated: 02/16/18
Property Type: Single Family
MLS Number: 5724387
Community: LAKESIDE SHORES 2 LOT 1-52 TR
Tract: LAKESIDE SHORES 2 LOT 1-52 TR
Status: Active


2 bedroom/2 bath home in Lakeside Shores subdivision. Conveniently located near I-10 and Loop 202. Home features North/South exposure, covered patio, split floor plan, garage parking, atrium, 2-way fireplace, wet bar, vaulted ceilings, tile floor and built-in bookshelf. This remarkable property is available for immediate sale. The seller is very responsive and the property is a perfect opportunity. This is a special Fannie Mae property.

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/!


$781,800 :: 7558 E BAKER Drive, Scottsdale AZ, 85266

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4 beds, 4.5 baths
Home size: 3,804 sq ft
Lot Size: 39,639 sq ft
Added: 12/14/17, Last Updated: 02/16/18
Property Type: Single Family
MLS Number: 5698423
Community: TROVIA
Tract: TROVIA
The price of this listing was last reduced on 12/14/2017 by 5%
Status: Active


Gorgeous single story home on a large lot in the sought after Trovia subdivision. Property features 4 bedrooms, 4.5 baths, a nice kitchen with center island, granite counter tops and tile floors. Large family room with built in bookshelves and a fireplace. The enormous backyard has a covered patio and is a clean slate to design your backyard oasis. This is the one you have been lookingfor!

Listed with Real Home Services & Solutions


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


$429,000 :: 28934 N 111TH Street, Scottsdale AZ, 85262

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3 beds, 2.5 baths
Home size: 1,980 sq ft
Lot Size: 10,454 sq ft
Added: 02/15/18, Last Updated: 02/15/18
Property Type: Single Family
MLS Number: 5723674
Community: PINNACLE VIEWS AT TROON NORTH
Tract: PINNACLE VIEWS AT TROON NORTH
Status: Active


Highly sought after Troon North property. This gorgeous home features 3bedrooms, 2.5 baths, a bright and open floorplan that includes a large kitchenthat opens to a great family room with fireplace. Backyard is an outdoor oasiswith built in pool and spa and spectacular desert views. Property is in need of some TLC but could be a real gem with a little work. Don't delay!

Listed with Real Home Services & Solutions


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