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

$374,900 :: 6202 E MCKELLIPS Road #61, Mesa AZ, 85215

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3 beds, 3.5 baths
Home size: 3,284 sq ft
Lot Size: 6,969 sq ft
Added: 10/25/17, Last Updated: 11/23/17
Property Type: Single Family
MLS Number: 5679098
Community: TUSCANY VILLAS AT PAINTED MOUN
Tract: TUSCANY VILLAS AT PAINTED MOUN
The price of this listing was last reduced on 11/15/2017 by 11%
Status: Active


REDUCED FOR IMMEDIATE SALE! RARE BUYER OPPORTUNITY FOR LARGE GOLF COURSE PROPERTY IN HIGH DEMAND ''TUSCANY VILLAS at PAINTED MOUNTAIN''. SO MANY UPGRADES & EXTRAS! HUGE POTENTIAL TO MAKE THIS YOUR YEAR ROUND HOME or THAT SPECIAL 2ND WINTER HOME! MAIN LEVEL DESIGN FEATURES SPLIT MASTER BEDROOM, OPEN ISLAND CENTER KITCHEN, GREAT ROOM W/GAS FIREPLACE, GUEST BEDROOM W/PRIVATE ENTRY & ACCESS TO HALL GUEST BATH, INSIDE LAUNDRY RM, REAR COVERED PATIO W/PAVER SURFACING LOOKING OUT TO BEAUTIFUL LAKE & GOLF COURSE FAIRWAY VIEWS, SUPER PRIVATE BACKYARD WITH ROOM FOR OUTDOOR BBQ & ABOVE GROUND SPA or YOUR SPECIAL DESIGN! HUGE FINISHED BASEMENT FOR THAT SPECIAL MEDIA ROOM or MAN CAVE, 1/2 BATH POWDER ROOM, WET BAR, SEPARATE DEN/BONUS ROOM AND 3RD BEDROOM or 2ND MASTER SUITE. (click on more tab)...

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/!


$274,975 :: 3313 N REYNOLDS --, Mesa AZ, 85215

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4 beds, 3 baths
Home size: 2,026 sq ft
Lot Size: 9,147 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691158
Community: SUMMIT LOT 1-275 TR A,B
Tract: SUMMIT LOT 1-275 TR A,B
Status: Active


Ready to move in a spacious home with over 2,000 SF, great lender owned property!! 4 bedrooms with 3 baths with formal living & dining room and a family room that can be utilized as a den or office. Nice kitchen with stainless appliances. Spacious living & dining room. Large backyard with a private pool and a two car garage. Hurry this one will not last. Property is sold in AS IS conditions with no SPDS or clue report. Buyer to verify all major facts and measurements.

Listed with DA FA Realty & Investments


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


$258,000 :: 9030 E DIAMOND Drive, Sun Lakes AZ, 85248

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2 beds, 2 baths
Home size: 2,028 sq ft
Lot Size: 8,712 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691048
Community: SUN LAKES UNIT THIRTY-SIX
Tract: SUN LAKES UNIT THIRTY-SIX
Status: Active


Adorable 2 bedroom 2 bath main home plus 1 bedroom 1 bath private guest home/casita. Main house features a spacious great room floor plan with formal dining, bright roomy kitchen with center island and separate eating area. Enjoy all the Resort style amenities in the active adult community of Sun Lakes Iron Oaks including golfing, tennis, restaurants, club house, pool and so much more. Buyer to verify any and all items that are of material issue. **HOA Fees, Amenities, etc. are estimates only, Buyer to verify prior to Close of Escrow. **

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/!


$74,900 :: 1654 S 77TH Way, Mesa AZ, 85208

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2 beds, 2 baths
Home size: 1,400 sq ft
Lot Size: 7,840 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Mobile/Manufactured
MLS Number: 5691007
Community: DESERT SANDS GOLF AND COU
Tract: DESERT SANDS GOLF AND COU
Status: Active


Lovely area of Desert Sands Golf Community!

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/!


$719,500 :: 10872 E SCOPA Trail, Scottsdale AZ, 85262

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4 beds, 4.5 baths
Home size: 4,232 sq ft
Lot Size: 74,052 sq ft
Added: 09/03/16, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5492992
Community: MIRABEL VILLAGE 3
Tract: MIRABEL VILLAGE 3
The price of this listing was last reduced on 11/15/2017 by 1%
Status: Active


Amazing Home located in the High Sonoran Desert in N. Scottsdale. Situated behind the gated community of Mirabel Village! This Luxury home is situated on a 1.7 acre lot. The spacious floor plan features 4 Bedrooms, 3.5 Bathrooms, Dining Room, Living Room, Family Room, Office/Den. Private Guest Casita (5th Bedroom), Large Pavered Private Courtyard, Over sized 3 Car Garage, Solar, Granite Counter tops, stainless steel appliances. Master retreat has large sitting area, walk in closets, dual vanities, soaking tub. Great Views from all angles! Come see this Home Today!

Listed with Estate Realty and Management, 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/!


$541,500 :: 9655 E VOLTAIRE Drive, Scottsdale AZ, 85260

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4 beds, 2.5 baths
Home size: 2,879 sq ft
Lot Size: 7,840 sq ft
Added: 10/20/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5677003
Community: CAMELOT RANCH
Tract: CAMELOT RANCH
The price of this listing was last reduced on 10/20/2017 by 5%
Status: Active


A beauty that shows new and has it all. This elegant N/S facing sprawling home in like new condition. Separate living room and pillars that surround the dining room. Large back yard with heated in ground spa. One of the most highly sought after subdivisions in Scottsdale!

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/!


$622,999 :: 24538 N 115TH Place, Scottsdale AZ, 85255

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4 beds, 2.5 baths
Home size: 3,042 sq ft
Lot Size: 10,018 sq ft
Added: 10/26/17, Last Updated: 11/20/17
Property Type: Single Family
MLS Number: 5679734
Community: DORADO AT TROON VILLAGE
Tract: DORADO AT TROON VILLAGE
The price of this listing was last reduced on 11/17/2017 by 0%
Status: Active


Great lot in Troon Village. Priced to sell! Large home with fantastic views all around. 4 bedrooms and 2.5 baths, in this sprawling floor plan. Split plan with a central Living Room and Dining room. Large kitchen with central kitchen island. House needs the right person to come in and make it a home.

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/!


$849,999 :: 1525 N GENTRY Circle, Mesa AZ, 85213

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6 beds, 3 baths
Home size: 6,585 sq ft
Lot Size: 70,131 sq ft
Added: 11/20/17, Last Updated: 11/20/17
Property Type: Single Family
MLS Number: 5690386
Community: SAHARA ESTATES
Tract: SAHARA ESTATES
Status: Active


Beautiful sought-after neighborhood & an Investors remodel dream! 6 bedrooms! ALMOST 2 ACRES!! Irrigation & Horse property! Great and open floor plan, fireplace, Loft, game room, wet-bar with a resort-like backyard, diving pool, extended cov'd patios, & fruit trees. RV PARKING WITH RV DUMPING SYSTEM! NEWER AC UNITS, WATER HEATER & ROOF! NO HOA!! Near 202 & Sky Harbor.

Listed with Bliss Realty & Investments


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


$254,000 :: 1406 E Ellis Drive, Tempe AZ, 85282

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5 beds, 2 baths
Home size: 2,176 sq ft
Lot Size: 8,276 sq ft
Added: 11/01/17, Last Updated: 11/20/17
Property Type: Single Family
MLS Number: 5681919
Community: Tempe Gardens 9
Tract: Tempe Gardens 9
Status: Active


Great South Tempe location. Big corner lot. Easy access to 60 Freeway, I10, ASU. Highly desired area. Newer roof & HVAC. Split floor plan. Large master suite. Living & family rooms. Open kitchen. Fireplace. Nice front porch. Large laundry/storage room. Perfect for updating/remodel. Garage has a framed-in room/can be removed. Figures/measurements are approximate - buyer to verify.

Listed with Realty West, 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/!


$107,100 :: 930 N MESA Drive #1101, Mesa AZ, 85201

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2 beds, 2 baths
Home size: 1,040 sq ft
Lot Size: 871 sq ft
Added: 11/18/17, Last Updated: 11/18/17
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5689965
Community: VILLAGES AT PARK CENTRE CONDOM
Tract: VILLAGES AT PARK CENTRE CONDOM
Status: Active


This corporate owned condo is functional; carpets have been cleaned, unit has had maid service. Kitchen has all appliances; fireplace in the living room; inside laundry features washer and dryer. Second bedroom features mirrored closet doors, wood shutters; master bedroom has good size walk in closet. Could use updating or move in as-is; property sold as-is; seller will not do repairs; buyer to verify weather on septic or sewer due to being bank owned. Show and sell!

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/!