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

$300,000 :: 2129 W PERALTA Avenue, Mesa AZ, 85202

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3 beds, 2 baths
Home size: 1,380 sq ft
Lot Size: 6,970 sq ft
Added: 04/09/20, Last Updated: 04/09/20
Property Type: Single Family
MLS Number: 6064110
Community: KNOELL EAST
Tract: KNOELL EAST
Status: Active


Cute home with a ton of potential! Needs TLC. NO HOA. RV GATE. HUGE backyard! Backs up to the Western Canal Path that has 22 miles of paths that stretch from Tempe to Gilbert! And a huge park just down the street. This home was updated in 2017 with a beautiful kitchen that has white cabinets and white sparkly granite counters and a large island to enjoy the open space. Baths have been updated too and the master bedroom has a sliding barn door to the bathroom. Please note the sf is 1380sf. Sold AS-IS. Seller is offering to help buyer with closing costs to cover the TLC.Showings only allowed for buyers with a pre-qual filled out by lender or proof of funds. Must be with your agent on Friday April 17th between 10am-2pm.

Listed with Arizona Gateway 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/!


$246,500 :: 860 N MCQUEEN Road #1128, Chandler AZ, 85225

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3 beds, 2.5 baths
Home size: 1,287 sq ft
Lot Size: 1,307 sq ft
Added: 03/14/20, Last Updated: 04/09/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6050796
Community: TOWNHOUSES AT NEW CASTLE
Tract: TOWNHOUSES AT NEW CASTLE
The price of this listing was last reduced on 4/9/2020 by 0%
Status: Active


TRUSTEE SALE - MUST SELL!! AUCTION DATE Beautiful 3 bedroom 2.5 bath townhouse. This home has 3 very spacious bedrooms. Master bedroom has a nice size walk in closet along with a separate linen closet. There are ceiling fans in every room. Family room has new ceiling fan and a beautiful vaulted ceiling. Kitchen includes all appliances and has room for bar stools at the kitchen counter along with a kitchen table. Off the kitchen is the exit to a private cozy backyard with covered patio and storage area, Just outside BY gate are 2 covered parking spaces.

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/!


$240,000 :: 11124 E ASPEN Avenue, Mesa AZ, 85208

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4 beds, 2.5 baths
Home size: 1,540 sq ft
Lot Size: 4,792 sq ft
Added: 04/09/20, Last Updated: 04/09/20
Property Type: Single Family
MLS Number: 6063509
Community: SIGNAL BUTTE MANOR 2
Tract: SIGNAL BUTTE MANOR 2
Status: Active


Fantastic open concept 4 bedroom, 2.5 bathroom home on a corner lot with huge backyard! There is tile throughout the entire first floor and brand new carpet throughout entire second floor and stairs. The kitchen is open to the living room with a great breakfast bar, grey cabinets and large pantry. Refrigerator, Washer and Dryer stay with the home as well as the child's swing set in the backyard. All bedrooms are on the second floor. The backyard is a great size with covered patio. Do not miss this fantastic home!

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/!


$519,900 :: 140 E RIO SALADO Parkway #310, Tempe AZ, 85281

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2 beds, 2.5 baths
Home size: 2,320 sq ft
Lot Size: 2,614 sq ft
Added: 04/07/20, Last Updated: 04/07/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6063000
Community: BRIDGEVIEW AT HAYDEN FERRY LAKESIDE CONDOMINIUM
Tract: BRIDGEVIEW AT HAYDEN FERRY LAKESIDE CONDOMINIUM
Status: Active


Located in the Bridgeview at Hayden Ferry Lakeside Condominiums in Tempe, this spacious unit features 2 bedrooms, 2.5 bathrooms, formal living room with fireplace & dining area, office with laminate wood flooring, granite countertops & maple cabinets in the kitchen, island with breakfast bar, split master bedroom floor plan, walk in closets in both bedrooms, granite vanity countertops, indoor laundry closet, balcony and more! Take a look!

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/!


$775,000 :: 3360 E INGLEWOOD Circle, Mesa AZ, 85213

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6 beds, 5.5 baths
Home size: 5,591 sq ft
Lot Size: 25,265 sq ft
Added: 02/21/20, Last Updated: 04/06/20
Property Type: Single Family
MLS Number: 6040542
Community: ARBOLEDA UNIT 2
Tract: ARBOLEDA UNIT 2
The price of this listing was last reduced on 4/6/2020 by 7%
Status: Active


Spacious living in this beautiful expansive home located in desirable gated community. This gracious basement home has it all, from stone trimmed elevation to resort style yard with a 1 bedroom 1 bath casita. Travertine tile w/ granite inlays. 5 roomy bedrooms & 4.5 bath, plus office give this spacious home so much flexibility. Formal liv & din rms, open fam room w/ entertainment wall & lots of windows, plus basement bonus rooms with movie theater. The open and large Gourmet Kitchen includes both a work Island and a Breakfast bar for all those great family gatherings. Large backyard with Pool/Spa, grass play area and room for vegetable gardens with fireplaces to bring that coziness into your evening. This is not a drive must see to appreciate.

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/!


$1,499,900 :: 2285 E CHANDLER HEIGHTS Road, Chandler AZ, 85249

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5 beds, 6.5 baths
Home size: 8,152 sq ft
Lot Size: 36,155 sq ft
Added: 04/02/20, Last Updated: 04/02/20
Property Type: Single Family
MLS Number: 6053351
Community: metes & bounds
Tract: metes & bounds
Status: Active


Landscaping being completed now. GREAT ROOM WITH 20+ FOOT CEILINGS. Luxury throughout... custom solid wood cabinetry w/ soft close, high end granite/quartz; gourmet kitchen w/ 20 foot island, breakfast bar seating, luxury appliances incl 36'' gas oven, 42'' built in fridge w/ water/ice and TWO dishwashers to help ease clean up for those large parties! Spacious floor plan offers an unbelievable movie theater style loft w/ bar area; 2 story library/office/closet or whatever you can dream up! Master suite w/ extra large sitting room, his/her bathroom w/ his/her closets and heated jacuzzi tub. Property is owned by a private lender, buyer must do all due diligence and inspections to verify any and all material facts they deem important.

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/!


$339,900 :: 2541 W NARANJA Avenue, Mesa AZ, 85202

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3 beds, 2 baths
Home size: 1,794 sq ft
Lot Size: 7,406 sq ft
Added: 03/30/20, Last Updated: 03/30/20
Property Type: Single Family
MLS Number: 6058926
Community: SARATOGA LAKES UNIT SIX LOT 292-420 TR P
Tract: SARATOGA LAKES UNIT SIX LOT 292-420 TR P
Status: Active


Come see this 3 bedroom/2 bath single level home in the highly desirable Dobson Ranch. This features an attached 2 car garage, a sparkling pool, lots of natural light and a large open kitchen overlooking the family room perfect for entertaining. The beautifully landscaped front yard is low maintenance and has a spacious private courtyard. Membership in this HOA gives you all of the amenities Dobson Ranch has to offer. Easy to show and able to close fast. The model match next door had multiple offers and was Under Contract in 3 days so don't wait to see this one!

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/!


$295,000 :: 3838 E DEWBERRY Avenue, Mesa AZ, 85206

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4 beds, 2 baths
Home size: 2,094 sq ft
Lot Size: 10,019 sq ft
Added: 03/26/20, Last Updated: 03/26/20
Property Type: Single Family
MLS Number: 6057149
Community: LEMONTREE 2
Tract: LEMONTREE 2
Status: Active


NO HOA!! HUGE lot with RV gate on a cul de' sac! Longer driveway for extra parking and a 2-car garage. Tri-level home that welcomes many living options! Large tile flooring through out upstairs that has large open living room, kitchen and dining room that walks you out to the balcony that looks over the awesome backyard! Two rooms upstairs, including the master. Rooms are great sizes! Two more rooms are down stairs along with the laundry and GREAT bonus room!

Listed with Coldwell Banker 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/!


$683,000 :: 15 E LOS ARBOLES Circle, Tempe AZ, 85284

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5 beds, 4.5 baths
Home size: 4,617 sq ft
Lot Size: 16,553 sq ft
Added: 03/24/20, Last Updated: 03/24/20
Property Type: Single Family
MLS Number: 6055758
Community: GRAYSTONE
Tract: GRAYSTONE
Status: Active


PRICED FOR IMMEDIATE SALE! SUPER TEMPE LOCATION! EXCELLENT BUYER OPPORTUNITY IN HIGH DEMAND ''GRAYSTONE'' GATED COMMUNITY. PROPERTY IS LOCATED ON OVERSIZECUL-DE-SAC LOT WITH ATTRACTIVE FRONT ELEVATION and TILE ROOF. LARGE FLOOR PLAN FEATURES WALK-OUT BASEMENT WITH THEATER ROOM & .75 BATH, 5 BEDROOMS, 4.5 BATHS, FORMAL LIVING & DINING, REAR EAT-IN-ISLAND KITCHEN, BONUS ROOM, INSIDE LAUNDRY RM, REAR COVERED PATIO & BUILT-BBQ STATION, PRIVATE BACKYARD POOL, SOLAR, 3 CAR GARAGE, AND SO MUCH MORE! SUBMIT ALL CASH & NEW CONVENTIONAL LOAN OFFERS NOW FOR SELLER REVIEW AND APPROVAL. NO ICH REPORT OR SPDS BY SELLER. HUGE POTENTIAL AFTER NEW BUYER UPDATES AND REMODELS!!!

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/!


$459,750 :: 8137 E VIA DE VIVA --, Scottsdale AZ, 85258

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2 beds, 2 baths
Home size: 1,982 sq ft
Lot Size: 4,356 sq ft
Added: 03/23/20, Last Updated: 03/23/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6055327
Community: SANTA FE SUBDIVISION UNIT TWO LOT 1-242 & TR A-G
Tract: SANTA FE SUBDIVISION UNIT TWO LOT 1-242 & TR A-G
Status: Active


Beautiful home in the heart of McCormack Ranch. Walk in through this front door into your great room, right off the kitchen, overlooking your private backyard. Bring your guests back form a day of golf to enjoy a relaxing evening next to the warmth from your fireplace. Updated flooring, Stainless Steel Appliances, upgraded counter tops, and custom shutters.

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/!


 

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