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

$425,000 :: 26429 S DARTFORD Drive, Sun Lakes AZ, 85248

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2 beds, 2 baths
Home size: 1,348 sq ft
Lot Size: 6,970 sq ft
Added: 03/21/23, Last Updated: 03/21/23
Property Type: Single Family
MLS Number: 6533969
Community: SUN LAKES UNIT 15
Status: Active

Welcome home to this Sun Lakes beauty. This home features three sets of beautiful French doors, updated flooring throughout the entire home, new cabinets, new kitchen, new roof, full professional remodel and move in ready. This home has everything you are looking for and offers plenty of outdoor space with an enormous covered patio, spacious AZ room and large yard with citrus trees. This remarkable property is available for immediate sale. The seller is very responsive and the property is a perfect opportunity. Take advantage of this amazing opportunity.

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/!

$930,000 :: 12815 E BECKER Lane, Scottsdale AZ, 85259

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5 beds, 3 baths
Home size: 2,803 sq ft
Lot Size: 8,712 sq ft
Added: 03/13/23, Last Updated: 03/13/23
Property Type: Single Family
MLS Number: 6530946
Status: Active

Beautifully updated home with 5 bedrooms! Main bedroom has sitting area great for home office. Located next to NAOS that has a path allowing for a 3 minute walk to Desert Mountain High School and Mountainside Middle School. Right across Shea from Basis School...so an easy walk at the light to that school as well

Listed with Desert North 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/!

$519,000 :: 11050 E SEGURA Avenue, Mesa AZ, 85212

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4 beds, 3 baths
Home size: 2,566 sq ft
Lot Size: 6,099 sq ft
Added: 01/24/23, Last Updated: 03/06/23
Property Type: Single Family
MLS Number: 6511388
The price of this listing was last reduced on 3/6/2023 by 4%
Status: Active

***TRUSTEE SALE*** MUST SELL! UNITED STATES BANKRUPTCY SALE. This is a Lender initiated short sale through the United States Bankruptcy Court System. All offers are subject to Lender and court final approval. Property is located just east of EASTMARK, and appears to be in good condition minus visible cosmetic issues. Desirable floorplan with a bedroom and full bathroom downstairs. Laundry, 3 bedrooms and Loft upstairs. Formal living/dining area upfront, family room in rear attached to eat in kitchen. Rear yard is unfinished and will need to be landscaped.

Listed with URBANCITI 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/!

$385,000 :: 240 W JUNIPER Avenue #1012, Gilbert AZ, 85233

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2 beds, 2.5 baths
Home size: 1,105 sq ft
Lot Size: 436 sq ft
Added: 01/19/23, Last Updated: 03/01/23
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6509523
The price of this listing was last reduced on 3/1/2023 by 3%
Status: Active

Ready to move in!! Come see this charming tri-level townhome in the gated Community of Via Sorento! Discover a great floor plan with a 2-car garage occupying the ground floor. Head onto the second floor to find a perfectly flowing living/dining area along with the lovely kitchen that boasts SS appliances, ample cabinetry, track lighting, & a 2-tier peninsula w/breakfast bar. Laundry closet & good-sized bedrooms are on the third floor! Both bedrooms also offer walk-in closets & full bathrooms for added comfort. Designer paint, tons of natural light, and plush carpet & tile floors t/out are some features that can't be left unsaid. Relax on the cozy balcony while enjoying your favorite drink! Located in the heart of Heritage District/Downtown Gilbert close to shopping & restaurants. Must see!

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/!

$2,549,000 :: 40660 N 109TH Place, Scottsdale AZ, 85262

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3 beds, 4.5 baths
Home size: 6,500 sq ft
Lot Size: 58,806 sq ft
Added: 08/25/22, Last Updated: 02/18/23
Property Type: Single Family
MLS Number: 6454872
Community: Desert Mountain Phase 2,
Tract: Desert Mountain Phase 2,
The price of this listing was last reduced on 2/13/2023 by 2%
Status: Active

Below 400 a sq. ft.!! Luxurious custom home. VIEWS! Beautiful home solidly constructed completely out of decorative block. Double lot cul-de-sac property w/ breath taking views from every room. Frameless corner windows. Coffered ceilings. Secondary ensuite bedrooms w/ 7 private brilliant Italian marble balconies. Italian marble floors. Italian marble decking throughout. Venetian plaster walls. Limestone fireplaces. Mahogany cabinets. Grand Italian marble staircase. Custom hand railings. Infinity edge heated pool & spa. Elevation deck with sensational views. Multiple sitting bars. Media room. Spacious study & office. Basement wine cellar. Built-in BBQ. Backyard fire pits. 3 car garage. Huge drive w/ secondary parking. Phenomenal opportunity! Gas services are currently unavaialable.

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/!


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