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

$224,900 :: 119 E GLADE Avenue, Mesa AZ, 85210

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3 beds, 1.5 baths
Home size: 1,948 sq ft
Lot Size: 8,276 sq ft
Added: 02/01/19, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5876749
Community: MELODY MESA 2
Tract: MELODY MESA 2
The price of this listing was last reduced on 2/15/2019 by 4%
Status: Active


1948 Sq Ft Mesa Home. Centrally Located. One of the largest homes on the block. North/South Exposure. Conveniently located in a well established neighborhood. NO HOA FEES, Newer A/C and Roof. The HUGE backyard is a blank slate just waiting for ideas! featuring a storage shed, block fencing and RV gate. Ceiling fans throughout. Multiple exits. LARGE Laundry Room. Two 3/4 Baths. Spacious Room Addition adds endless possibilities. Mesa Community College, I-60, Shopping, Dining, and Spring Training are just minutes away. All appliances included. Come see it today!

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/!


$219,900 :: 938 W LA JOLLA Drive, Tempe AZ, 85282

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3 beds, 2 baths
Home size: 1,276 sq ft
Lot Size: 8,276 sq ft
Added: 02/15/19, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5883872
Community: SOUTHERN PALMS UNIT THREE LOT 223-383
Tract: SOUTHERN PALMS UNIT THREE LOT 223-383
Status: Active


Adorable 3 bedroom 2 bath home in great Tempe location! Easy access to freeways, minutes from ASU, shopping and restaurants. This home features a spacious great room floor plan, kitchen has lots of natural light along with most appliances, and plenty of counter and cabinet space with separate dining area, master bedroom with private master bath and so much more all with NO HOA! Buyer to verify any and all items that are of material issue.

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/!


$212,600 :: 1425 E NIELSON Avenue, Mesa AZ, 85204

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3 beds, 1 bath
Home size: 1,002 sq ft
Lot Size: 8,712 sq ft
Added: 02/15/19, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5883820
Community: MESA HOMES LOTS 15,16,27-36, 47-56, 67-73, 84-86
Tract: MESA HOMES LOTS 15,16,27-36, 47-56, 67-73, 84-86
Status: Active


Welcome home to this wonderfully remodeled 3 bedroom/1 bath block home in central Mesa. This attractive home is conveniently located near US-60, schools, shopping & entertainment. The home features brand new cabinets, updated kitchen with granite counters, stainless steel appliances and custom back splash. The home also includes covered parking, large fenced yard with covered patio, built-in BBQ fire pit, North/South exposure, storage shed with laundry room and low maintenance landscaping. 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/!


$251,800 :: 6354 S FOREST Avenue, Gilbert AZ, 85298

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3 beds, 2.5 baths
Home size: 1,628 sq ft
Lot Size: 4,356 sq ft
Added: 01/11/19, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5866261
Community: SEVILLE PARCELS 5 & 6
Tract: SEVILLE PARCELS 5 & 6
The price of this listing was last reduced on 2/15/2019 by 5%
Status: Active


Great home in master planned community of Seville. Property features 3 bedrooms, 2.5 baths, a largekitchen with breakfast bar that opens to separate living and dining areas with plenty of natural light. Don'tdelay!

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/!


$245,000 :: 108 S CHOLLA Street, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,274 sq ft
Lot Size: 7,405 sq ft
Added: 01/28/19, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5874311
Community: OLD WEST ESTATES NO 1
Tract: OLD WEST ESTATES NO 1
The price of this listing was last reduced on 2/15/2019 by 2%
Status: Active


Welcome to 108 S Cholla St Gilbert Arizona 85233, this home offers you 3 bedrooms, 2 bath, NO HOA, newer kitchen with upgraded cabinets, black matching appliances and GRANITE COUNTER TOPS, tile in all the right places, RV Gate, great LOCATION in the heart of Gilbert, just minutes away from the downtown Gilbert Entertainment District. Close to the sought out Gilbert School's, shopping and much more.

Listed with The Daniel Montez 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/!


$999,900 :: 10958 E TAOS Drive, Scottsdale AZ, 85262

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5 beds, 3.5 baths
Home size: 5,554 sq ft
Lot Size: 49,222 sq ft
Added: 02/14/19, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5883642
Community: RANCHO SANTA FE DEL ORO
Tract: RANCHO SANTA FE DEL ORO
Status: Active


Spectacular Tuscan custom, spacious 5 bedroom, 3.5 bath home on over an acre in far North Scottsdale's Rancho Santa Fe Del Oro. Great for Entertaining!! Arched iron/glass front doors lead to open foyer w/office/den on one side & formal living/bonus room on other with Great Room overlooking huge covered patio & Chef's Gourmet kitchen, Viking/Wolfe appliances, 6-burner gas cooktop, double ovens, enormous island w/farm sink, granite counters. Mesquite hardwood floors, travertine in all the right places, 24' ceiling with beams/stone work in great room, wine room w/wet bar, 500 room wine cellar, media room. Spacious master retreat, stunning brick work, two-way fireplace open to bath, jetted soaking tub, separate shower, his/hers walk-in closets, complete with separate exercise room. No HOA.

Listed with Desert Dream 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/!


$267,000 :: 1447 S ALMAR --, Mesa AZ, 85204

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4 beds, 2 baths
Home size: 2,091 sq ft
Lot Size: 9,147 sq ft
Added: 02/13/19, Last Updated: 02/14/19
Property Type: Single Family
MLS Number: 5882928
Community: MARLBOROUGH AT DANA RANCH LOT 1-174
Tract: MARLBOROUGH AT DANA RANCH LOT 1-174
Status: Active


Bright, Open Floorplan! Soaring Vaulted ceilings! Popular Dana Ranch! Split floorplan! Master has separate shower and garden tub! Double-sinks! Separate exit to backyard! Eat-in Kitchen! Huge Covered Patio! Sparkling, Blue refreshing pool! with new pool equipment! BRAND NEW AC unit! Home does needs some work, please see all pics/video for accurate representation

Listed with Re/Max Precision


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


$421,500 :: 3524 E DERRINGER Way, Gilbert AZ, 85297

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5 beds, 3 baths
Home size: 3,348 sq ft
Lot Size: 10,890 sq ft
Added: 01/18/19, Last Updated: 02/13/19
Property Type: Single Family
MLS Number: 5869789
Community: SAN TAN RANCH PARCEL 3
Tract: SAN TAN RANCH PARCEL 3
The price of this listing was last reduced on 2/13/2019 by 4%
Status: Active


Make your move now by investing in this pristine 3,348 sq. ft. 2 story situated within a cul-de-sac of Gilbert's exclusive San Tan Ranch! Conventional eat-in kitchen boasting smooth granite countertops, electric oven, spacious walk-in pantry, dishwasher, and disposal. Spacious dining area, family room and upstairs master bedroom. Main bathroom features include coveted seperate walk-in shower, large immaculate bathtub, dual sinks, and cabinetry. Covered private backyard patio with an enticing pool surrounded by low maintenance desert landscaping. 3 car garage with the advantage of built-in cabinetry, electric opener, and direct entry from within home.

Listed with WEICHERT, REALTORS - Peak Performance


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


$1,516,200 :: 27771 N 103RD Place, Scottsdale AZ, 85262

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3 beds, 6 baths
Home size: 7,601 sq ft
Lot Size: 24,829 sq ft
Added: 12/06/18, Last Updated: 02/13/19
Property Type: Single Family
MLS Number: 5854805
Community: ESTANCIA PHASE 2A ESTATES
Tract: ESTANCIA PHASE 2A ESTATES
The price of this listing was last reduced on 2/13/2019 by 5%
Status: Active


Very unique home backing a hillside in the renown Estancia Golf Club. This home is situated on a very elevated lot with fabulous views of the valley and Pinnacle Peak. Boasting a lot of outdoor entertaining area as well as open interior floor plan, this home has a master suite that is unprecedented! The living area has 20' glass walls to view the mountain in the back yard. Interior features are abundant also. There is an elevator from garage level to both the upper floors. Workout facility and wine room. Master Suite that encompasses the entire upper level has his and her bathrooms, spacious closets and offices! This home is really a livable work of art that has to be seen to be believed! Home has 5 Full Baths & 2 - 1/2 Baths.

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/!


$170,000 :: 727 N 94TH Place, Mesa AZ, 85207

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3 beds, 1 bath
Home size: 1,144 sq ft
Lot Size: 7,840 sq ft
Added: 02/12/19, Last Updated: 02/13/19
Property Type: Single Family
MLS Number: 5882376
Community: DESERT SAGUARO ESTATES UNIT 1
Tract: DESERT SAGUARO ESTATES UNIT 1
Status: Active


Great investor or handyman opportunity with 3 bedrooms in East Mesa. Master and secondary bedrooms are a generous size. Arcadia door from the kitchen leads out to a large backyard with patio area for relaxing and grilling and an RV gate with room to park your toys and NO HOA! One car garage with laundry hook up and plenty of space for a functional workshop area. Great location with easy access to freeways and close to shopping and dining. Don't miss out on this great starter or investment home!

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/!


 

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