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

$339,900 :: 1901 E MARQUETTE Drive, Gilbert AZ, 85234

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3 beds, 2 baths
Home size: 1,434 sq ft
Lot Size: 5,228 sq ft
Added: 08/05/20, Last Updated: 08/05/20
Property Type: Single Family
MLS Number: 6111007
Community: ANCHOR POINT AT VAL VISTA LAKES LOT 1-106 TR A-F
Tract: ANCHOR POINT AT VAL VISTA LAKES LOT 1-106 TR A-F
Status: Active


Gorgeous Home inside & out in the desirable Community of Val Vista Lakes. Lush green landscape, shade trees, & 2 car garage. Beautifully remodeled with soaring ceilings soothing palette, plant shelves, plush carpet, ceiling fans, & window blinds. Handsome wood floor, granite counters, center kitchen island, SS appliances, pendant lighting, pantry, glass tiled backsplash, French door to patio, & stunning wood cabinetry w/hardware. Perfect home for entertaining. Generous sized bedrooms, ample closets, & 2 upscale baths w/granite counters, designer tile, fixtures, & mirrors. Amazing master retreat w/bay window & private en suite w/dual sink. Enjoy the built-in BBQ, covered extended patio, lush green grass, paver patio for dining, & desert plants. Community Heated Pool, Spa, & more.

Listed with Luxe 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/!


$358,000 :: 6323 E PHELPS Road, Scottsdale AZ, 85254

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3 beds, 2 baths
Home size: 1,660 sq ft
Lot Size: 4,356 sq ft
Added: 01/08/20, Last Updated: 08/04/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6020903
Community: NORTH RANCH UNIT 6 LOT 1-86 TR A-D
Tract: NORTH RANCH UNIT 6 LOT 1-86 TR A-D
The price of this listing was last increased on 8/4/2020 by 5%
Status: Active


Three bedrooms and two baths. One bedroom opened up as a den off the entry. Seperate patios off the living room and master bedroom. Located within a well kept community with open grassy green common areas. There is a community pool, grassy areas to enjoy, and mature trees. Newer quiet insulated garage door. Nearby there is easy access to just about everything! Loop 101 is close, Mayo Clinic within a mile, and TPC Scottsdale Golf Course. The kitchen has great counter space and a breakfast nook to enjoy.

Listed with Arizona Executives


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


$339,900 :: 2541 W NARANJA Avenue, Mesa AZ, 85202

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3 beds, 2 baths
Home size: 1,794 sq ft
Lot Size: 7,406 sq ft
Added: 03/30/20, Last Updated: 07/31/20
Property Type: Single Family
MLS Number: 6058926
Community: SARATOGA LAKES UNIT SIX LOT 292-420 TR P
Tract: SARATOGA LAKES UNIT SIX LOT 292-420 TR P
Status: Active


Come see this 3 bedroom/2 bath single level home in the highly desirable Dobson Ranch. This features an attached 2 car garage, a sparkling pool, lots of natural light and a large open kitchen overlooking the family room perfect for entertaining. The beautifully landscaped front yard is low maintenance and has a spacious private courtyard. Membership in this HOA gives you all of the amenities Dobson Ranch has to offer. Easy to show and able to close fast. The model match next door had multiple offers and was Under Contract in 3 days so don't wait to see this one!

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/!


$1,650,000 :: 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: 07/30/20
Property Type: Single Family
MLS Number: 6044839
Community: DESERT HIGHLANDS
Tract: DESERT HIGHLANDS
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/!


$1,399,000 :: 2285 E CHANDLER HEIGHTS Road, Chandler AZ, 85249

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5 beds, 6.5 baths
Home size: 8,152 sq ft
Lot Size: 36,155 sq ft
Added: 04/02/20, Last Updated: 07/24/20
Property Type: Single Family
MLS Number: 6053351
Community: metes & bounds
Tract: metes & bounds
The price of this listing was last reduced on 5/5/2020 by 7%
Status: Active


Landscaping being completed now. GREAT ROOM WITH 20+ FOOT CEILINGS. Luxury throughout... custom solid wood cabinetry w/ soft close, high end granite/quartz; gourmet kitchen w/ 20 foot island, breakfast bar seating, luxury appliances incl 36'' gas oven, 42'' built in fridge w/ water/ice and TWO dishwashers to help ease clean up for those large parties! Spacious floor plan offers an unbelievable movie theater style loft w/ bar area; 2 story library/office/closet or whatever you can dream up! Master suite w/ extra large sitting room, his/her bathroom w/ his/her closets and heated jacuzzi tub. Property is owned by a private lender, buyer must do all due diligence and inspections to verify any and all material facts they deem important.

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/!


$369,900 :: 426 N OLIVE --, Mesa AZ, 85203

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4 beds, 2.5 baths
Home size: 2,181 sq ft
Lot Size: 10,019 sq ft
Added: 06/27/20, Last Updated: 07/21/20
Property Type: Single Family
MLS Number: 6096141
Community: FARNSWORTH PLACE
Tract: FARNSWORTH PLACE
Status: Active


What an amazing find! This 1950's classic is absolutely brimming with charm, space, and the perfect mixture of modern and classic. This home is one of only a few built in this era to have a half bathroom for guests. With 4 large bedrooms and 2.5 baths, huge living and dining room, spacious family room, and an INSIDE, oversized laundry room you couldn't ask for much more. Home is extremely energy efficient with a tankless gas water heater installed, block exterior walls insulated, and dual panes windows everywhere. This home sits on a huge irrigated lot that is close to shopping and entertainment areas. Be ready to be charmed because this has it all! Welcome home! This remarkable property is available for immediate sale. The seller is very responsive and the property is a perfect

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/!


$325,000 :: 4103 E Appleby Drive, Gilbert AZ, 85298

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2 beds, 2 baths
Home size: 1,436 sq ft
Lot Size: 5,228 sq ft
Added: 06/22/20, Last Updated: 06/22/20
Property Type: Single Family
MLS Number: 6094060
Community: TRILOGY UNIT 6
Tract: TRILOGY UNIT 6
Status: Active


Fantastic home in one of the best communities you'll find in Gilbert, the active adult community of Trilogy. This 2 bed 2 bath has a fantastic interior lot with tremendous privacy. Home has tile in all the right places and a split plan. You'll really like the open floor plan. Kitchen has granite counters and maple cabinets with all the appliances. Back yard has a beautiful covered patio and built in grill. Two car garage with cabinets.

Listed with Long Realty The FOX 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/!


$450,000 :: 5102 N 87TH Place, Scottsdale AZ, 85250

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3 beds, 2 baths
Home size: 1,832 sq ft
Lot Size: 10,019 sq ft
Added: 02/03/20, Last Updated: 02/11/20
Property Type: Single Family
MLS Number: 6032315
Community: PARK SCOTTSDALE 11
Tract: PARK SCOTTSDALE 11
Status: Active


Oversized corner 'lot and a half' almost 10k SF LOT! Compare to all other active homes on market in 85250. located on 2 quiet non-cut thru streets. Home has been updated over the years, can be lived in as-is or soft update or great potential to ad SF $ FULL Remodel.Neighborhood is currently undergoing major remodels upgrades $NO HOA! NOT LEASED LAND

Listed with Paul Richard Barker


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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