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

$519,000 :: 3010 E CEDAR Drive, Chandler AZ, 85249

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4 beds, 3.5 baths
Home size: 3,606 sq ft
Lot Size: 17,859 sq ft
Added: 08/24/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5651016
Community: MESQUITE GROVE ESTATES
Tract: MESQUITE GROVE ESTATES
The price of this listing was last reduced on 8/24/2017 by 5%
Status: Active


Please read the MLS complete. HUGE secluded lot!Employees and family members residing with employees of JPMorgan Chase Bank,N.A, its affiliates or subsidiaries are strictly prohibited from directly or indirectly purchasing any property owned by JPMorgan Chase Bank,N.A. Please READ through the MLS completely. As / IS sale, seller does NOT provide SPDS or CLUE disclosures. Buyer to verify all infoherein. DO NOT SUBMIT BLIND OFFERS!! Agent of record (not an associate) must register at the ARMLS box to validate the offer. Offers will otherwise be rejected as blind offers. It's usually best to TEXT with your questions. Cash offers must include updated proof of funds. Seller will NOT make repairs of any kind. Please do not adjust the thermosta

Listed with Merit 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/!


$109,000 :: 921 W UNIVERSITY Drive #1142, Mesa AZ, 85201

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2 beds, 2.5 baths
Home size: 1,046 sq ft
Lot Size: 435 sq ft
Added: 09/20/17, Last Updated: 09/20/17
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5662642
Community: DISCOVERY AT CONTINENTAL ORCHA
Tract: DISCOVERY AT CONTINENTAL ORCHA
Status: Active


This great 2 bedroom townhome that has tile on the first floor and features a nice fireplace in the great room. There is a good sized patio off the kitchen and dining area to enjoy the great Arizona weather! The kitchen is bright and light and includes a refrigerator. The bedrooms are decent sized and have vaulted ceilings. This location is close to shopping, restaurants, and the Mesa Arts Center and the Light Rail for convenience.

Listed with Respect 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/!


$150,000 :: 1846 E DELTA Avenue, Mesa AZ, 85204

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3 beds, 1.75 baths
Home size: 1,443 sq ft
Lot Size: 8,276 sq ft
Added: 09/19/17, Last Updated: 09/19/17
Property Type: Single Family
MLS Number: 5662401
Community: KACHINA PARKWAY 3
Tract: KACHINA PARKWAY 3
Status: Active


Lender Owned - Property sold as-is, where is. Seller makes no warranties or representations. Great bones on this one. Charming home with brick trim exterior. Big corner lot. Newer roof. Tile in the bathrooms. Ceiling fans. Needs an update, but incredible potential.

Listed with Keller Williams Realty Biltmore 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/!


$119,900 :: 2686 E SILK OAK Drive, Tempe AZ, 85281

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1 bed, 1.5 baths
Home size: 979 sq ft
Lot Size: 871 sq ft
Added: 09/19/17, Last Updated: 09/19/17
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5662339
Community: OAKS
Tract: OAKS
Status: Active


Great location of this 1 bedroom 1.5 bath condo minutes from ASU, MCC shopping and dining, near light rail and easy access to 101 and 202 freeways. Home features a great room floorplan with a spacious upstairs loft area and private patio, kitchen with most appliances and lots of storage. 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/!


$439,900 :: 9312 E LA POSADA Court, Scottsdale AZ, 85255

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3 beds, 3.5 baths
Home size: 3,787 sq ft
Lot Size: 19,602 sq ft
Added: 09/18/17, Last Updated: 09/18/17
Property Type: Single Family
MLS Number: 5661911
Community: PINNACLE PEAK SHADOWS UNIT TWO
Tract: PINNACLE PEAK SHADOWS UNIT TWO
Status: Active


Charming Santa Fe styled home situated in desirable neighborhood and close to all amenities. Main living area features a beautiful fireplace, vega columns and beams. Intricately carved interior doors throughout add character. Formal dining area, eat-in kitchen, 2 bedrooms and a den on main floor. Lower level has a family room with bar, wine cellar, bedroom and bathroom. Home needs TLC and is sold as is where is with no warranties expressed or implied.

Listed with Berkshire Hathaway HomeServices Arizona 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/!


$148,000 :: 5704 E AIRE LIBRE Avenue #1237, Scottsdale AZ, 85254

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2 beds, 1 bath
Home size: 784 sq ft
Lot Size: 871 sq ft
Added: 04/26/17, Last Updated: 09/18/17
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5596203
Community: DISCOVERY AT TATUM PLACE 2A AM
Tract: DISCOVERY AT TATUM PLACE 2A AM
Status: Active


Great 2 bedroom 1 bath floor plan, with open concept kitchen/living area. Single level floorplan with vaulted ceilings. Nice private patio off the kitchen with fenced yard. Inside Laundry. Priced to sell!! Nice community pool with built-in BBQ's! Close to the 51 freeway, Kierland, Scottsdale quarter, Desert Ridge, and Mayo Clinic!!

Listed with Century 21 Citywide


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


$200,400 :: 11458 E PERSIMMON Avenue, Mesa AZ, 85212

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4 beds, 2 baths
Home size: 1,308 sq ft
Lot Size: 5,662 sq ft
Added: 09/18/17, Last Updated: 09/18/17
Property Type: Single Family
MLS Number: 5661744
Community: MERIDIAN POINTE UNIT 3
Tract: MERIDIAN POINTE UNIT 3
Status: Active


Nice REO property for sale.

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/!


$399,900 :: 7224 E OVERLOOK Drive, Scottsdale AZ, 85255

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4 beds, 2.5 baths
Home size: 2,291 sq ft
Lot Size: 6,969 sq ft
Added: 08/09/17, Last Updated: 09/17/17
Property Type: Single Family
MLS Number: 5644445
Community: GRAYHAWK PARCEL 1A NORTH
Tract: GRAYHAWK PARCEL 1A NORTH
The price of this listing was last reduced on 8/10/2017 by 9%
Status: Active


BANK OWNED GRAYHAWK ! 4 bed/2.5 bath 2 story home with 3 car garage.Priced to sell.

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/!


$209,900 :: 133 E LAUREL Avenue, Gilbert AZ, 85234

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3 beds, 2 baths
Home size: 1,331 sq ft
Lot Size: 6,534 sq ft
Added: 09/16/17, Last Updated: 09/16/17
Property Type: Single Family
MLS Number: 5661266
Community: VILLAGE 2 LOT 90-225 & TR
Tract: VILLAGE 2 LOT 90-225 & TR
Status: Active


Light and Bright 3 bed 2 bath home with a Great Room and charming brick fireplace with a formal living room as well. Open Roomy eat in Kitchen loaded with cabinets and large pantry. Enjoy the very private backyard pool, large covered patio and storage shed. Walking distance to Old Town Gilbert. HOME BEING SOLD AS IS WHERE IS. BUYER TO VERIFY ALL INFORMATION DEEMED IMPORTANT.

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/!


$749,900 :: 7623 E TAILFEATHER Drive, Scottsdale AZ, 85255

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5 beds, 3.5 baths
Home size: 4,461 sq ft
Lot Size: 10,454 sq ft
Added: 09/14/17, Last Updated: 09/15/17
Property Type: Single Family
MLS Number: 5660473
Community: GRAYHAWK PARCEL 1D (B)
Tract: GRAYHAWK PARCEL 1D (B)
Status: Active


GREAT OPPORTUNITY ON THIS LENDER OWNED HOME IN THE HIGHLY SOUGHT AFTER GRAYHAWK COMMUNITY. 5 BEDROOM 3.5 BATHS 3 CAR GARAGE. ONE BEDROOM DOWNSTAIRS. FORMAL LIVING ROOM, FAMILY ROOM AND HUGE LOFT/GAME ROOM! EXTRA LARGE KITCHEN IS A CHEF'S DREAM COME TRUE WITH A HUGE COOKING ISLAND, GRANITE COUNTERTOPS WITH LOTS OF COUNTER SPACE. INTERIOR WAS JUST PAINTED WITH UPGRADED NEUTRAL COLORS!! BACKYARD IS GREAT FOR ENTERTAINING FEATURING A GRASSY PLAY AREA, PEBBLE TECH POOL WITH A WATERFALL & CAVE AND A HUGE COVERED PATIO. THIS IS BY FAR NOT YOUR TYPICAL REO!!!

Listed with Carrington Real Estate Services (US), 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/!