Just because they print it does it make it true?
Congratulations Miami, the 2011 NBA champions! – NOT. Here it is in print from a Florida newspaper. I guess they never got the memo or checked the score board. Just because it gets printed or makes its way onto the internet, does that make it true? That’s the same way I feel about Phoenix area shadow inventory. Some of the confusion lies in the definition of shadow inventory. Obviously, shadow inventory includes properties that have gone back to the lender but are not on the market. Some also consider homes that have received a Notice of Trustee Sale with a scheduled auction date. Some add to those numbers loans that are seriously delinquent which is 90+ days behind. As you can see, the definition will affect the level of shadow inventory cited by the various experts. There’s also the issue that real estate is local and national commentaries cannot be relevant to individual markets? Many have stated that shadow inventory is out of control and will contribute to a foreclosure Tsunami. Now let’s get the facts for the Phoenix area.
Fuel for the foreclosure fire – pending foreclosures and Phoenix shadow inventory levels
Understanding shadow inventory levels is important because it is a leading indicator of the number of homes that will eventually become foreclosure or lender owned properties which sell at discounts and keep home values from rising. When a lender deems that a home owner falls sufficiently delinquent, a notice of trustee sale is issued advising the homeowner that the property will be sold at a trustee sale auction in 90 days. The graph to the right shows the number of outstanding notice of trustee sale notices with a future auction date for Maricopa county since 2007. A lower number is indicates that fewer properties will go to auction and become lender owned foreclosures. A historical perspective helps identify trends and understand the future supply of lender owned foreclosures. The 2011 trend line is represented by the pink line and shows a favorable trend downwards.
Components of Phoenix Shadow Inventory
The definition of shadow inventory is will vary and depends on which components are included. I like the definition used by The Cromford Report shown by the graph to the left. The bottom red portion are active foreclosure or REO listings being marketed in the MLS. At the beginning of November 2010, the active lender owned foreclosures were in excess of 6,000. Nine months later at the beginning of August 2011, the number has been cut by more than half, to approx. 2,800 properties. The next component, the Unlisted REO’s, (in blue) are those that have reverted to the bank at auction and are in the process of being prepared to go on the market. Interestingly, this component remains fairly constant between 7,000 – 8,000 properties. The fact that Arizona is a non-judicial foreclosure state helps keep this level lowered than if Arizona was judicial 
foreclosure state. The purple portion represents pending foreclosure or properties with a notice of trustee sale. This component has decreased from 35,000 to 21,000, or 40%. These properties may be sold as short sales, achieve a loan modification, purchased at auction or eventually revert back to the beneficiary or lender. A diminishing level of pending foreclosures will result in fewer foreclosured /lender-owned/REO properties later on. The Pending Foreclosures graph above shows a very positive trend for this category since its peak at the end of 2009.
The other component that would be interesting is the number of homes that have stopped paying their mortgage but have not received a notice of trustee sale.
Now you have it, the break down of shadow inventory, what it is and the current trends. If you are waiting for the next wave of foreclosures, it may be a very long time unless there are some fundamental changes. And remember just because you see it something in print doesn’t mean it is necessarily so. Get the real data and understand the trends.
If you would like more information on any homes for sale feel free to call or e-mail or receive updated listings for your favorite community.
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$379,000 :: 2301 W MONTEBELLO Avenue, Phoenix AZ, 85015
3 beds, 2 baths
Home size: 1,588 sq ft
Lot Size: 10,368 sq ft
Added: 12/01/23, Last Updated: 12/02/23
Property Type: Single Family
MLS Number: 6636244
Community: BETHANY HOMES PLAT 2
Tract: BETHANY HOMES PLAT 2
Status: Active
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/!
$465,000 :: 339 S 197TH Drive, Buckeye AZ, 85326
4 beds, 2.5 baths
Home size: 2,688 sq ft
Lot Size: 6,665 sq ft
Added: 09/27/23, Last Updated: 12/02/23
Property Type: Single Family
MLS Number: 6610624
Community: BLUE HORIZONS PARCEL 18 REPLAT
Tract: BLUE HORIZONS PARCEL 18 REPLAT
The price of this listing was last reduced on 11/22/2023 by 2%
Status: Active
PRICE REDUCTION! And $10,000 towards BUYER'S CLOSING COSTS or buy down from seller! At this list price PLUS the closing cost assistance, - WOW!! Better than NEW - fully landscaped front & back yards, quiet street & meticulously maintained! Upgraded, beautiful, 2688 sq. ft ,4 bedroom, 2.5 bath plus loft home. It has granite countertops, 42'' dark brown upgraded cabinetry in the kitchen, & bathrooms, stainless steel appliances, including a gas stove, kitchen roi system & a soft water system that services the entire home! Tandem FOUR car garage - unheard of, right? Perfect for those LARGE EXTENDED CAB TRUCKS!!! Work from home? No problem - this roomy home has an additional loft and several living spaces. Easy care wood-look tile on the first floor & carpeting upstair
Listed with Coldwell Banker 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/!
$530,000 :: 3607 E WINDMERE Drive, Phoenix AZ, 85048
3 beds, 2.5 baths
Home size: 1,710 sq ft
Lot Size: 5,010 sq ft
Added: 12/02/23, Last Updated: 12/02/23
Property Type: Single Family
MLS Number: 6636564
Community: LAKEWOOD COUNTRY ESTATES LOT 1-111 TR A-E
Tract: LAKEWOOD COUNTRY ESTATES LOT 1-111 TR A-E
Status: Active
Situated in the highly sought after Lakewood Country Estates community, this home offers easy access to the lake...whether you enjoy fishing or simply taking a walk along the water. Not only is this home located in a desirable community, but it is also part of the highly acclaimed Kyrene School District. Easy access to I-10 and the recently completed Loop 202 make commuting to work or exploring the city a breeze. Plus, plenty of shopping, dining, and entertainment options just minutes away. Featuring luxury vinyl flooring on the main level, vaulted ceilings, wood burning fireplace and a crisp white kitchen. A nice big pool, children's play area and no homes behind you. Come home to Lakewood Country Estates before the new year!
Listed with Arizona Best 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/!
$674,900 :: 19604 S 189TH Street, Queen Creek AZ, 85142
4 beds, 2 baths
Home size: 2,391 sq ft
Lot Size: 9,192 sq ft
Added: 12/02/23, Last Updated: 12/02/23
Property Type: Single Family
MLS Number: 6636469
Community: CORTINA
Tract: CORTINA
Status: Active
Arizona living at it's best! Pride of ownership is evident in this fantastic 4-bedroom 2-bathroom one story home located in the highly coveted Cortina neighborhood. This home rests on a LARGE oversized lot and boasts of a very open floorplan, neutral color palette, upgrades throughout and a large SPARKLING POOL! The well-equipped kitchen is highlighted with stainless steel appliances, a large kitchen island, pantry, white cabinets, all while overlooking the main living space. Tasteful recent updates to this home include several newer light fixtures, newer door hardware, and an interior paint refresh. Plantation shutters can be found throughout most this home and offer a tasteful appearance as well as assistance with energy efficiency. Escape to the back yard OASIS retreat which is
Listed with Arizona Best 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/!
$2,100 :: 6261 S MESA VISTA Drive, Gold Canyon AZ, 85118
3 beds, 2 baths
Home size: 1,521 sq ft
Lot Size: 6,317 sq ft
Added: 12/01/23, Last Updated: 12/01/23
Property Type: Single Family
MLS Number: 6636404
Community: VISTA POINT
Tract: VISTA POINT
Status: Active
Lovely 3 bedrooms 2 bath home featuring all appliances, washer and dryer hookups, and a delightful open kitchen with a great room and vaulted ceilings. The charming floor plan and peaceful environment are certain to enchant you. Nestled on a serene cul-de-sac with no rear neighbors, this home provides a tranquil retreat.Enjoy breathtaking sunset views from the backyard in this beautiful gated community that offers walking trails, a community pool/spa, and stunning mountain and desert landscaping. Conveniently located across the street from the Gold Canyon Golf Resort. Come take a look - you will love what you see.
Listed with Rosenbaum Realty 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/!
$129,000 :: 39801 S 579 Avenue, Dateland AZ, 85333
3 beds, 2 baths
Home size: 4,160 sq ft
Lot Size: 198,634 sq ft
Added: 11/29/23, Last Updated: 12/01/23
Property Type: Single Family
MLS Number: 6635354
Community: N/A
Tract: N/A
Status: Active
The property has a living area around 1200 sq ft - tax shows 4160 but most of it is the attached workshop/garage. The property shows as being built in 2007 frame wood construction with T-111 siding - the garage is huge with two horizontal bi-fold garage doors and two man doors. 4.56 acre corner lot, both are dirt roads off other dirt roads in an area of agribusiness - not residential. The living area has three bedrooms, two baths, laundry room, kitchen and living/dining room.. Mostly tile floors except the living room area. The shingle roof appears worn there's a little evidence of leaking.
Listed with Wrangler 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/!
$1,475,000 :: 2341 N 87TH Place, Mesa AZ, 85207
5 beds, 5.5 baths
Home size: 4,555 sq ft
Lot Size: 15,726 sq ft
Added: 12/01/23, Last Updated: 12/01/23
Property Type: Single Family
MLS Number: 6636143
Community: RESERVE AT MOUNTAIN BRIDGE
Tract: RESERVE AT MOUNTAIN BRIDGE
Status: Active
What an incredible find! This luxurious 5-bed, 5.5-bath residence has a fantastic curb appeal, featuring a 4-car garage, a paver driveway, and a charming courtyard. The living room boasts high ceilings, abundant natural light, and wood-look flooring. The family room, perfect for intimate gatherings, offers backyard access and a dry bar with a wine cooler. The kitchen showcases solid surface counters, pendant and recessed lighting, cabinets with crown moulding, SS appliances, a walk-in pantry, and a large island with a breakfast bar. You'll also find a den ideal for work or leisure. The main bedroom is complete with plantation shutters, a cozy sitting nook, plush carpet, and an ensuite with dual vanities and a walk-in closet. The unique atrium with a spa adds a touch of relaxation.
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/!
$625,000 :: 18462 W MONTEROSA Street, Goodyear AZ, 85395
3 beds, 2.5 baths
Home size: 2,322 sq ft
Lot Size: 10,411 sq ft
Added: 10/31/23, Last Updated: 11/30/23
Property Type: Single Family
MLS Number: 6624938
Community: SEDELLA PARCEL 4B
Tract: SEDELLA PARCEL 4B
The price of this listing was last reduced on 11/30/2023 by 2%
Status: Active
Welcome Home! The Broadmoor Plus features an open floor plan that seamlessly connects the living, dining, and kitchen areas, complete with sunshades and sound-dampening wall panels, an ideal setting for entertainment and everyday living. Spacious kitchen, large center island, granite countertops, walk-in pantry, gas cooktop and eat-in nook that opens to the great room. Master suite, split from the additional bedrooms, walk in closet and spa like bathroom with his and hers vanities. Get organized in your private den/study. Enjoy the fabulous Arizona weather with an extended covered back patio, sparkling play pool and mountain views for gatherings with friends and family. 3 Car Garage, RV Gate/RV Parking and a newly installed storage shed.
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/!
$899,900 :: 13616 N HAYDEN Road, Scottsdale AZ, 85260
3 beds, 2 baths
Home size: 2,653 sq ft
Lot Size: 35,763 sq ft
Added: 11/03/23, Last Updated: 11/30/23
Property Type: Single Family
MLS Number: 6626627
Community: PARADISE VALLEY RANCHOS 2
Tract: PARADISE VALLEY RANCHOS 2
The price of this listing was last reduced on 11/30/2023 by 5%
Status: Active
Location, Location, Location! Prime Scottsdale location near the airpark, Scottsdale Quarter, 101 Loop, many golf courses, fine dining, shopping, gyms, and more. This single story home on a .82 lot has been beautifully updated inside and offers a lot of flexibility to do so much more to create your dream space inside and out. Welcome to your Home Sweet Home!
Listed with A.Z. & Associates
Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!
$485,000 :: 1420 E Virginia Avenue, Phoenix AZ, 85006
2 beds, 1 bath
Home size: 1,104 sq ft
Lot Size: 7,057 sq ft
Added: 11/24/23, Last Updated: 11/30/23
Property Type: Single Family
MLS Number: 6633876
Community: MAXWELTON TRACT LOTS 8 THRU 22
Tract: MAXWELTON TRACT LOTS 8 THRU 22
Status: Active
Welcome to this charming cottage along the Coronado Historic District waiting for you to call HOME! Warm paint tones w/modern touches throughout + upgrades & energy efficient features expected for a 2024 lifestyle. Refurbished from top to bottom, including electrical & plumbing (see full list of upgrades in doc section). This home features an oversized kitchen & spacious bright & open living spaces. Backyard Paradise! Fully fenced yard w/ a grassy area for your 2 & 4-legged family members. Enjoy the low maintenance desert scape & inviting outdoor living patio spaces. Double-car wide driveway & an RV gate. Ideal location-just blocks away to popular restaurants & shops + close to entertainment & attractions that Central Phoenix offers.Hurry this home won't last - priced to sell!
Listed with Century 21 Arizona Foothills
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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