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

$445,000 :: 1938 W GRAND CANYON Drive, Chandler AZ, 85248

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4 beds, 3.5 baths
Home size: 2,604 sq ft
Lot Size: 3,485 sq ft
Added: 02/22/20, Last Updated: 02/22/20
Property Type: Single Family
MLS Number: 6040741
Community: VILLA DEL LAGO
Tract: VILLA DEL LAGO
Status: Active


This is a beautiful home situated in the community of Ocotillo that is priced to sell! An attractive price below market value will make for aquick sale. Sellers will entertain all reasonable offers. Great floor plan! The master suite and den are on the main floor with 3 generous-sized bedrooms included 1 suite upstairs and a loft. KitchenAid stainless steel appliances and a gas cooktop are a feature in the modern kitchen as well as a double oven,maple cabinets and an appealing granite countertop in frost white. Heated ommunity pool and spa.

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/!


$3,500,000 :: 11015 E TROON MOUNTAIN Drive, Scottsdale AZ, 85255

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5 beds, 7 baths
Home size: 7,878 sq ft
Lot Size: 382,893 sq ft
Added: 02/21/20, Last Updated: 02/21/20
Property Type: Single Family
MLS Number: 6040592
Community: TROON. WINDY WALK ESTATES
Tract: TROON. WINDY WALK ESTATES
Status: Active


REO - TRUST Bank Owned. Perched high on 9 ACRES consisting of 2 sprawling homesites, this private desert oasis is surrounded iconic Boulders; at the base of Troon mountain, vast desert views in all directions. With 7,878 SF of living space, 4 car garage, workshop, storage room, dual offices, 4 en-suite bedrooms, each with walk-in closets, and patio access, walls of glass, incredible slab granite flooring. Impressive chef's kitchen offering Viking appliance package, generous patio spaces to host. A dedicated guest house accommodates 875SF of living space including gas fireplace, kitchen, bedroom, bath and laundry room. Moor Pictures and Motion Video to come...

Listed with Russ Lyon Sotheby's International 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/!


$831,300 :: 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: 02/21/20
Property Type: Single Family
MLS Number: 6040542
Community: ARBOLEDA UNIT 2
Tract: ARBOLEDA UNIT 2
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/!


$110,000 :: 1432 W EMERALD Avenue #685, Mesa AZ, 85202

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1 bed, 1 bath
Home size: 641 sq ft
Lot Size: 0 sq ft
Added: 02/21/20, Last Updated: 02/21/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6040443
Community: MESA CORONADO 2 AMD
Tract: MESA CORONADO 2 AMD
Status: Active


Spacious 1 bedroom / 1 bath ground floor Condo. Unit has been well maintained with new AC and carpet within the last few years. Open family & dining room, inside laundry. Master has walk in closet and full bath. Quiet complex with sparkling pool and spa. One covered parking space and one assigned space. Close to MCC, DeVry Institute, ASU, I-60 and the 101, located in the heart of the Fiesta District. Great opportunity for a first home or investment property, don't wait, make an offer today!

Listed with List 3K, 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/!


$299,900 :: 1282 E WASHINGTON Avenue, Gilbert AZ, 85234

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3 beds, 2 baths
Home size: 1,526 sq ft
Lot Size: 5,228 sq ft
Added: 12/10/19, Last Updated: 02/20/20
Property Type: Single Family
MLS Number: 6011595
Community: LAKEVIEW TERRACE AT WIND DRIFT
Tract: LAKEVIEW TERRACE AT WIND DRIFT
Status: Active


Amazing opportunity to own this great 3 bedroom 2 bath home in the highly desirable Lakeview Terrace at Wind Drift subdivision! This home has a perfect floor-plan and features vaulted ceilings and a large great-room. The kitchen features a gas range and walk in pantry. The master boasts a large walk in closet, separate tub and shower and private toilet room. Enjoy the large covered patio with N/S exposure. You will love living next to Freestone Park which offers tennis, skate park, softball, soccer, batting cages, fishing, volleyball, Rec center and the list goes on!! New AC in 2016. Homes here don't last so act quick so you don't miss the 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/!


$499,000 :: 9718 E GELDING Drive, Scottsdale AZ, 85260

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3 beds, 2.5 baths
Home size: 2,096 sq ft
Lot Size: 5,663 sq ft
Added: 02/19/20, Last Updated: 02/19/20
Property Type: Single Family
MLS Number: 6039076
Community: VISTA DEL RINCON
Tract: VISTA DEL RINCON
Status: Active


New Roof in 2018. New HVAC in 2016. Soaring ceilings in the formal living room and dining room. Large oversized kitchen with ample cabinet and counter space over looking the cozy family room. First floor laundry. Second floor study could easily be converted to a fourth bedroom. Home is ready for your choice of upgraded finished or is move in ready as-is. Beautiful community exuding pride in ownership with neighboring homes. Mountain views from the front and back yard. Quiet location yet close to everything needed for daily living. With a little sweat equity that back yard could be resort like with spacious covered patio space, private pool and above ground spa. This property will be sold ''As-Is'' and is a short sale situation.

Listed with RE/MAX Fine Properties


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


$419,900 :: 245 W SAGEBRUSH Street, Gilbert AZ, 85233

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5 beds, 2.5 baths
Home size: 3,170 sq ft
Lot Size: 6,970 sq ft
Added: 02/18/20, Last Updated: 02/18/20
Property Type: Single Family
MLS Number: 6038688
Community: LAGO ESTANCIA
Tract: LAGO ESTANCIA
Status: Active


BEAUTIFUL 5 BEDROOM HOME IN THE LAKE SUBDIVISION OF LAGO ESTANCIA. HOME FEATURES NEW ROOF, NEW GRANITE COUNTERTOPS, STAINLESS APPLIANCES, VAULTED CEILINGS, FIREPLACE IN FAMILY ROOM, FORMAL LIVING AND DINING ROOM, DOWNSTAIRS MASTER WITH DOUBLE WALK-IN CLOSETS AND SLIDING GLASS DOOR TO THE POOL & SPA, NEW PLUMBING & LIGHT FIXTURES THROUGHOUT, 4 BEDROOMS UPSTAIRS WITH DESK NOOK, 3 CAR GARAGE WITH WORKBENCH & CABINETS, CORNER LOT WITH NORTH SOUTH EXPOSURE AND MORE!

Listed with HomeMax 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/!


$220,000 :: 9501 E LAWNDALE Place, Sun Lakes AZ, 85248

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2 beds, 2 baths
Home size: 1,354 sq ft
Lot Size: 10,019 sq ft
Added: 12/17/19, Last Updated: 02/18/20
Property Type: Single Family
MLS Number: 6015213
Community: SUN LAKES 9
Tract: SUN LAKES 9
Status: Active


Welcome home to this beautiful single story home situated on a huge cul de sac lot with water feature and garden area. The home is located in Sun Lakes, an active adult community that is conveniently located near I10, Loop 101 and Loop 202. The property features garage parking, vaulted ceilings, window coverings, ceiling fans, inside laundry room, large great room and bonus room. 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/!


$450,000 :: 5102 N 87TH Place, Scottsdale AZ, 85250

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3 beds, 2 baths
Home size: 1,832 sq ft
Lot Size: 10,019 sq ft
Added: 02/03/20, Last Updated: 02/11/20
Property Type: Single Family
MLS Number: 6032315
Community: PARK SCOTTSDALE 11
Tract: PARK SCOTTSDALE 11
Status: Active


Oversized corner 'lot and a half' almost 10k SF LOT! Compare to all other active homes on market in 85250. located on 2 quiet non-cut thru streets. Home has been updated over the years, can be lived in as-is or soft update or great potential to ad SF $ FULL Remodel.Neighborhood is currently undergoing major remodels upgrades $NO HOA! NOT LEASED LAND

Listed with Paul Richard Barker


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


$269,900 :: 10080 E MOUNTAINVIEW LAKE Drive #166, Scottsdale AZ, 85258

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1 bed, 1 bath
Home size: 991 sq ft
Lot Size: 872 sq ft
Added: 01/08/20, Last Updated: 02/11/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6021008
Community: SCOTTSDALE BAY CLUB PHASE 1
Tract: SCOTTSDALE BAY CLUB PHASE 1
The price of this listing was last reduced on 2/11/2020 by 3%
Status: Active


This unique condo is situated right on the beautiful Scottsdale Bay Club private lake. The home features garage parking, tile floors, inside laundry and tankless water heater. This home is move in ready and perfect for all buyer types. The community features 2 community pools, workout center, lake subdivision, walking trails, tennis, large park, and is within walking-distance to superb discreet retail nearby (bank, pharmacy, restaurants, gas, gym, coffee shop). 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/!


 

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