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

$599,000 :: 10836 E SAHUARO Drive, Scottsdale AZ, 85259

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3 beds, 2 baths
Home size: 1,556 sq ft
Lot Size: 6,970 sq ft
Added: 11/23/22, Last Updated: 11/23/22
Property Type: Single Family
MLS Number: 6492422
Status: Active

Remodeled home with NO HOA in the heart of Scottsdale! 3 bed, 2 bath, over 1,500 square feet with extra cooled Arizona Room/Bonus Room/Office. New kitchen with quartz counters and stainless steel appliances. Huge open floor plan with tile throughout. Large laundry room with extra cabinets for storage and could also be used as Butler's Pantry. Updated bathrooms and new paint inside and out. Nice backyard with built-in BBQ. 2-car garage with RV Parking.

Listed with Venture REI, LLC

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

$499,000 :: 1320 W PALO VERDE Drive, Chandler AZ, 85224

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3 beds, 2 baths
Home size: 2,076 sq ft
Lot Size: 13,504 sq ft
Added: 11/21/22, Last Updated: 11/21/22
Property Type: Single Family
MLS Number: 6490844
Status: Active

Come live under the shade of the Ficus tree - this Chandler charmer features a huge yard, pool, spa and out-building and no HOA on a coveted, oversized cul-de-sac lot . Kitchen features upgraded cabinets with pull out shelves, wine and dish racks, deep drawers for larger items, several glass fronts & more! Walk-in pantry has lots of room for storage. Primary suite has a retreat space perfect for a sitting room, work out area, office space or convert it to a 4th bedroom! Primary ensuite offers dual sinks, two closets including one cedar lined with built-in shelving, and large sunken shower with a window. Exit the primary suite to your back yard with a beautiful pool and spa, a storage shed, RV rolling gate, and & out-building with AC for use as storage, toys, a workshop & beyond.

Listed with Hague Partners

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

$345,000 :: 1623 W CAPRI Avenue, Mesa AZ, 85202

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3 beds, 1.75 baths
Home size: 1,588 sq ft
Lot Size: 7,406 sq ft
Added: 11/05/22, Last Updated: 11/07/22
Property Type: Single Family
MLS Number: 6486275
Status: Active

Great single story home in Mesa. This home features 3 bedroom 1.75 bathroom, a large addition in the back that can be turned into a 4th bedroom or game/family room. Easy to maintain landscape and covered patio! Property to be sold in as-is condition. Make an appointment today!!

Listed with At Home Real Estate Arizona

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

$2,799,000 :: 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: 11/02/22
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 11/2/2022 by 3%
Status: Active

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/ private Italian marble balconies. 7 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/!

$735,000 :: 943 E SAN REMO Avenue, Gilbert AZ, 85234

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5 beds, 3.5 baths
Home size: 3,435 sq ft
Lot Size: 10,455 sq ft
Added: 09/23/22, Last Updated: 09/23/22
Property Type: Single Family
MLS Number: 6468052
Status: Active

BRING ALL CASH OFFERS! This large basement home with 5 bedrooms, 3.5 bath, pool and spa needs some TLC from its next family. Current owner replaced all the windows, put in synthetic grass in front and around the pool, and installed a new sprinkler/watering system, built a raised garden bed, renovated to make a small apartment and installed solar panels. There is no HOA here and no backyard neighbor. Highly desirable Gilbert location. **NEED A FAST CLOSE**

Listed with Keller Williams Legacy One

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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