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

$215,000 :: 6131 E NANCE Street, Mesa AZ, 85215

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2 beds, 2 baths
Home size: 1,318 sq ft
Lot Size: 4,792 sq ft
Added: 10/12/19, Last Updated: 10/12/19
Property Type: Single Family
MLS Number: 5991325
Community: VILLA ROYALE 1 AMD LOT 1-68 & REC AREA
Tract: VILLA ROYALE 1 AMD LOT 1-68 & REC AREA
Status: Active


View video (photo section )You've been patiently looking for a deal and here it is! 2 bedroom, 2 bathroom home located in the Painted Mountain golf course community. The home has a split bedroom floor plan and a family room with vaulted ceilings. The kitchen has tile, stainless steel and an eat-in kitchen. This home is not a fixer upper and in pretty good shape overall.. Community pool & spa with 24 hour access. Perfect location for an avid golfer with so many courses close by. The golf course has one of the lowest green fees of anywhere in the valley. Over 10 golf courses within 5 miles of home. Great location close to the 202 Red Mountain Freeway, shopping, grocery stores and restaurants all around. Perfect home for either primary residence or seasonal use. This is our bottom line pric

Listed with Hague Partners


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 :: 11027 E RAVENNA Avenue, Mesa AZ, 85212

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5 beds, 4.5 baths
Home size: 3,939 sq ft
Lot Size: 10,019 sq ft
Added: 10/12/19, Last Updated: 10/12/19
Property Type: Single Family
MLS Number: 5991240
Community: MOUNTAIN HORIZONS UNIT 2
Tract: MOUNTAIN HORIZONS UNIT 2
Status: Active


Stunning property in a highly desirable Subdivision. Tons of space to spread out in this extra large 5 bedroom, 4.5 bath property with a loft AND a 1st floor office. The bedroom on the 1st floor has its own private bath. Granite counters, gas cooktop and beautiful cabinets complete the amazing kitchen. Two way fireplace in the greatroom and formal living room. The backyard has a pool and spa with a premium extra large corner lot. No neighbors behind you!! See this one!

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/!


$444,111 :: 6965 E HOBART Street, Mesa AZ, 85207

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3 beds, 2 baths
Home size: 2,020 sq ft
Lot Size: 50,966 sq ft
Added: 10/11/19, Last Updated: 10/11/19
Property Type: Single Family
MLS Number: 5990786
Community: Just south of Valley View and Las Sendas
Tract: Just south of Valley View and Las Sendas
Status: Active


East Mesa 1.17 acre Horse Property. Main House is 2020 sq ft 3 Bed, 2 Bath, 2 car garage. Gourmet Kitchen with beautiful Honey Oak cabinets, center island and breakfast bar, walk in pantry and tile counter tops; also a separate wet bar !Huge Master Bedroom features bay windows, walk-in closet, private exit , garden tub and separate shower. Second Bedroom has separate exit to private court yard. Detached 1300 sq ft 6 car garage with over-height ceiling has a full workshop, with plenty of room for RV, boat storage and all of the Toys!! Horse features include a 60-foot round pen,fenced pasture, two wood-sided stalls 15x20 each with a 10 foot overhang, 10-foot hitching post, direct access for Ferrier , and a large tack room with loft. This is Horse setup and ready to go. No HOA

Listed with Furst Professional 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/!


$1,100,000 :: 8329 E CHARTER OAK Road, Scottsdale AZ, 85260

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5 beds, 4 baths
Home size: 4,617 sq ft
Lot Size: 34,848 sq ft
Added: 09/21/19, Last Updated: 10/11/19
Property Type: Single Family
MLS Number: 5978876
Community: STONERIDGE ESTATES TWO LOT 1-39
Tract: STONERIDGE ESTATES TWO LOT 1-39
The price of this listing was last reduced on 10/11/2019 by 7%
Status: Active


Investment Opportunity in Prime Location! Lots of potential with much to finish on the exterior. Entering the home, you find soaring ceilings, natural light from the oversized windows and skylights and beautiful ornate stone and tile work throughout. The gourmet kitchen is a chef's dream with appliances galore including: Wine Frig, 48'' Sub-Zero, 2 GE Monogram Refrigeration Drawers, Miele Coffee Maker, a Steam Oven in addition to the Double Ovens, 2 warming drawers thoughtfully placed, gas cooktop, and 2 sinks which make preparing Kosher meals ideal. Custom Book Match cabinets adorn the Kitchen and Breakfast room spaces, over looking out into the large back yard with the oversized covered patio offering a built-in stainless-steel gas-powered BBQ

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/!


$261,000 :: 1141 E ENCINAS Avenue, Gilbert AZ, 85234

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3 beds, 2 baths
Home size: 1,364 sq ft
Lot Size: 6,970 sq ft
Added: 09/04/19, Last Updated: 10/09/19
Property Type: Single Family
MLS Number: 5973733
Community: VAL VISTA PARK LOT 1-231 TR A B
Tract: VAL VISTA PARK LOT 1-231 TR A B
Status: Active


3 bedroom/2 bath North-facing home on quiet cul-de-sac lot in Val Vista Park. Conveniently located near US-60 and Freestone Park. Home features include private pool, covered patio, split floor plan, breakfast bar, established landscaping, vaulted ceilings and tile floors. 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/!


$543,305 :: 5700 S GREENFIELD Road, Gilbert AZ, 85298

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4 beds, 3 baths
Home size: 3,882 sq ft
Lot Size: 40,511 sq ft
Added: 09/19/19, Last Updated: 10/09/19
Property Type: Single Family
MLS Number: 5980404
Community: PT NE4 SEC 21 DAF COM E4 COR SD SEC TH N 988.08F TH CONT N 930.01F TO TPOB TH W 254.55F N 203.54F E
Tract: PT NE4 SEC 21 DAF COM E4 COR SD SEC TH N 988.08F TH CONT N 930.01F TO TPOB TH W 254.55F N 203.54F E
The price of this listing was last reduced on 10/9/2019 by 5%
Status: Active


Beautiful brick-built custom home in Gilbert. New carpet throughout. New tile in the bathrooms. 3 Levels with tons of space on almost an acre-irrigated lot.

Listed with Keller Williams Realty East Valley


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


$441,000 :: 2241 S FAITH --, Mesa AZ, 85209

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4 beds, 3 baths
Home size: 4,201 sq ft
Lot Size: 11,762 sq ft
Added: 10/08/19, Last Updated: 10/08/19
Property Type: Single Family
MLS Number: 5989068
Community: AUGUSTA RANCH PARCEL 13
Tract: AUGUSTA RANCH PARCEL 13
Status: Active


What a beautiful masterpiece of a home that checks all of the boxes. Remarkable 4 bedroom/3 bath home on large corner lot in Augusta Ranch. This beautiful home is conveniently located near US-60 and Loop 202. The home features include spacious private pool, custom basement with bar and built in shelving, large balcony off master suite, open kitchen, huge game room & loft area, private den, tile floors, window coverings and granite counters. This home is sure to please 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/!


$420,000 :: 1793 W GOLDFINCH Way, Chandler AZ, 85286

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4 beds, 2 baths
Home size: 2,242 sq ft
Lot Size: 8,712 sq ft
Added: 09/24/19, Last Updated: 10/08/19
Property Type: Single Family
MLS Number: 5982499
Community: CLEMENTE RANCH PARCEL 8A
Tract: CLEMENTE RANCH PARCEL 8A
Status: Active


BACK on the MARKET! Previously under contract in 2 days! Buyer fell out of escrow - their loss is your gain!!! Rare opportunity to acquire this AMAZING single-story, 3-car garage home WITH a sparkling pebble tec pool and a lush backyard landscaping at well below market value! NOT a Short-sale, but the home does need some minor TLC and a deep clean to make it a true GEM! Located in the wonderful Clemente Ranch neighborhood; it features hard wood floors throughout, 4 full bedrooms, split master, separate living room and den, vaulted ceilings, granite countertops, water softener. Priced to SELL QUICKLY! This home will not last!

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/!


$289,900 :: 2530 E CAMELLIA Drive, Gilbert AZ, 85296

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3 beds, 2 baths
Home size: 1,433 sq ft
Lot Size: 5,228 sq ft
Added: 08/25/19, Last Updated: 10/07/19
Property Type: Single Family
MLS Number: 5969848
Community: GREENFIELD LAKES PARCEL 5 UNIT 2
Tract: GREENFIELD LAKES PARCEL 5 UNIT 2
The price of this listing was last reduced on 9/23/2019 by 3%
Status: Active


Beautiful remodel and great location. Move in ready. New interior and exterior paint. New carpet. Lots of nice tile in living room and kitchen. New cabinets and counter tops. New ceiling fans. New stainless steel appliances. Nice open eat in kitchen with dining area and breakfast bar. Vaulted ceiling in living room. Good size master bedroom and bath with large walk in closet. Two car garage and covered patio. Great location near San tan Mall and easy access to 202 freeway. All figures and measurements are approximate, buyer to verify prior to COE.

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/!


$140,000 :: 557 N HOBSON Plaza, Mesa AZ, 85203

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2 beds, 1.75 baths
Home size: 1,170 sq ft
Lot Size: 3,485 sq ft
Added: 10/01/19, Last Updated: 10/07/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5985801
Community: CASA LA MESA 3
Tract: CASA LA MESA 3
Status: Active


Downtown Mesa location. Easy to get to downtown Mesa events. Community has great amenities which include a large cool pool. Large living spaces with open kitchen and dining layout. Spacious living room. Large bedrooms tile flooring. Large fully enclosed covered patio out back with to utility rooms--one a workshop and the other laundry. Covered parking spots.

Listed with Keller Williams Realty Sonoran Living


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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