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

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Bank-owned Waterfront Foreclosures

$215,000 :: 1271 N GRANITE REEF Road, Scottsdale AZ, 85257

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2 beds, 1.5 baths
Home size: 950 sq ft
Lot Size: 0 sq ft
Added: 09/30/20, Last Updated: 09/30/20
Property Type: Single Family
MLS Number: 6139453
Community: SUMMERFIELD UNIT 5 CONDOMINIUM LOT 78-102
Tract: SUMMERFIELD UNIT 5 CONDOMINIUM LOT 78-102
Status: Active


Absolutely beautiful condominium that has been completely renovated from top to bottom to bring you a move in ready turn key property. Home has new kitchen, bathrooms, flooring, paint, light fixtures, and hardware. You will not be disappointed. Home features 2 bedrooms and 1 and a half bathrooms. Bedrooms and full bath are upstairs, leaving the lower level an open living area. Home is located just minutes from Old Town Scottsdale, The Civic Center, and Fashion Square as well as being close to hiking, parks, and schools. To help visualize this home's floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

Listed with Cerreta 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/!


$700,000 :: 7561 S FRONTIER Street, Gilbert AZ, 85298

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5 beds, 3.5 baths
Home size: 4,786 sq ft
Lot Size: 10,019 sq ft
Added: 09/29/20, Last Updated: 09/29/20
Property Type: Single Family
MLS Number: 6133581
Community: ADORA TRAILS PARCEL 14
Tract: ADORA TRAILS PARCEL 14
Status: Active


CASH ONLY BUYERS. Spectacular Pool and Spa Started but not finished yet 53k in pool so far. Views of Lake over fence. Beautiful home owner must sell. 20'' Tile Floors, Granite counter Island in kitchen with Stainless Appliances. Master has dual shower heads and jetted tub, extra game room loft and den. Community has basketball courts, Clubhouse, Lake, workout facility and greenbelts throughout. Highly upgraded pool with Artic Pavers $8.00 per paver, Travertine Bowls any extra material included with the sale of the home. R37 Insulation with 16 Seer AC. Huge Family Room adjoining kitchen, Large dining room and walkin pantry in kitchen. 3 Car Garage with 220 outlet.

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/!


$215,000 :: 860 N MCQUEEN Road #1128, Chandler AZ, 85225

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3 beds, 2.5 baths
Home size: 1,287 sq ft
Lot Size: 1,307 sq ft
Added: 03/14/20, Last Updated: 09/28/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6050796
Community: TOWNHOUSES AT NEW CASTLE
Tract: TOWNHOUSES AT NEW CASTLE
The price of this listing was last reduced on 5/28/2020 by 4%
Status: Active


TRUSTEE SALE - MUST SELL!! AUCTION DATE Beautiful 3 bedroom 2.5 bath townhouse. This home has 3 very spacious bedrooms. Master bedroom has a nice size walk in closet along with a separate linen closet. There are ceiling fans in every room. Family room has new ceiling fan and a beautiful vaulted ceiling. Kitchen includes all appliances and has room for bar stools at the kitchen counter along with a kitchen table. Off the kitchen is the exit to a private cozy backyard with covered patio and storage area, Just outside BY gate are 2 covered parking spaces.

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/!


$1,395,000 :: 8943 E PALM Lane, Mesa AZ, 85207

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7 beds, 7 baths
Home size: 7,221 sq ft
Lot Size: 83,636 sq ft
Added: 09/24/20, Last Updated: 09/24/20
Property Type: Single Family
MLS Number: 6137021
Community: Metes & Bounds
Tract: Metes & Bounds
Status: Active


Motivated Seller, Looking at all offers. Need Space?? Check out this Amazing Opportunity! This exquisite home has all the upgrades and space along with a cash flow rental opportunity. Located in North East Mesa near Las Sendas area - Features 1.92 acre lot, Mountain Views & City Lights, Full Basement, detached Casita - 7 Bed 7 Bath, 6 car garage, large custom diving pool, covered patios, viewing deck, plantation shutters, game room, wine cellar, close to hiking, trails, golf, equestrian trails, easy 202 access, Saguaro Lake, & much More.

Listed with NextHome Alliance


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


$1,465,500 :: 12767 N 130TH Way, Scottsdale AZ, 85259

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7 beds, 7 baths
Home size: 5,467 sq ft
Lot Size: 40,076 sq ft
Added: 08/14/20, Last Updated: 09/15/20
Property Type: Single Family
MLS Number: 6117843
Community: PARCEL 14 AT SCOTTSDALE MOUNTAIN PHASE 2
Tract: PARCEL 14 AT SCOTTSDALE MOUNTAIN PHASE 2
The price of this listing was last reduced on 9/15/2020 by 0%
Status: Active


Immaculate home in the prestigious community of Scottsdale Mountain, the home is nestled right into the mountain with unbeatable views of the valley. The home is in a prime location, and is near endless hiking trails, high-end golf courses, shops, restaurants, entertainment, Mayo Clinic hospital, and more! The home offers a luxurious lifestyle, and features a gorgeous wrought iron front door, Travertine stone and hardwood floors, crown molding, a built-in entertainment center and bookcase, a spacious family room with an entire wall of windows/sliding glass doors that lead out to the resort-like backyard and has a fireplace, plantation shutters on the windows, a full wet bar with granite counter tops, a beer tap, mini fridge, wine fridge and sink,

Listed with Libertas 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/!


$285,000 :: 26401 S GREENCASTLE Drive, Sun Lakes AZ, 85248

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3 beds, 2 baths
Home size: 1,823 sq ft
Lot Size: 6,970 sq ft
Added: 08/12/20, Last Updated: 08/28/20
Property Type: Single Family
MLS Number: 6116616
Community: SUN LAKES 17
Tract: SUN LAKES 17
Status: Active


Gorgeous 3 bed/2 bath property in the exclusive Sun Lakes Cottonwood adult community!! The beautiful Alameda floor plan has open common areas, designer paint finishes, skylights, and large Arizona room with endless possibilities of entertainment. One of the bedrooms could easily be used as den, office or game room!! Fabulous kitchen offers plenty of custom cabinets, black appliances, breakfast bar, and charming breakfast room. In the main bedroom you'll find a private exit to backyard, spacious his & her closets, and awesome master bath with double sink vanity. Backyard is perfect to relax under the covered patio while gazing at your lovely landscaping. Great location, great retirement home! Make an offer now!

Listed with Keller Williams Integrity First


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


$1,499,000 :: 10040 E HAPPY VALLEY Road #458, Scottsdale AZ, 85255

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4 beds, 4.5 baths
Home size: 5,963 sq ft
Lot Size: 26,136 sq ft
Added: 03/03/20, Last Updated: 08/25/20
Property Type: Single Family
MLS Number: 6044839
Community: DESERT HIGHLANDS
Tract: DESERT HIGHLANDS
The price of this listing was last reduced on 8/25/2020 by 9%
Status: Active


Bank owned opportunity! Elegant old-world architecture situated on a private lot in Desert Highlands * Jack Nicklaus-designed golf course with tremendous clubhouse & full amenities * Details include cantera and natural stone accents throughout, reclaimed barnwood & saltillo paver flooring, custom wrought iron sconces & chandeliers, furniture-grade cabinetry, hand-hewn beams with tongue & groove accents, barrel ceilings * True Master retreat * Incredible chef's kitchen with large adjoining Family room * Formal Living room with wet bar & wine room * Formal Dining room with Butler's pantry * Tremendous outdoor space including heated pool & spa, water feature, covered patio, fire pit, & built-in BBQ * Numerous courtyards off of every room * 3-car garage *

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/!


$2,775,000 :: 10343 E PINNACLE PEAK Road, Scottsdale AZ, 85255

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5 beds, 6.5 baths
Home size: 9,028 sq ft
Lot Size: 334,977 sq ft
Added: 12/27/19, Last Updated: 08/24/20
Property Type: Single Family
MLS Number: 6017529
Community: SHILOH MLD
Tract: SHILOH MLD
The price of this listing was last reduced on 8/24/2020 by 1%
Status: Active


Lender Owned! FINANCING AVAILABLE. This is true Arizona living! 7 acres of privacy and beauty. A desert oasis with jaw-dropping views! An entertainers dream so dramatic with architectural features you cannot find anywhere! Hand-plastered walls, latilla, beamed ceilings and flagstone floors. Resortliving with diving pool/negative-edge spa with pool house/bath! Private one bedroom casita with kitchenette. This gated compound has so much more....private trails, roof top sky-deck with unbelievable city light views! So many built-ins...copper and art built right into the home! This has to be one of Bill Tull's finest masterpieces. Multiple seating areas throughout home and property for stargazing, solitude or family/group events. Minutes from all that Scottsdale has to offer!

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/!


 

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