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

$439,000 :: 8137 E VIA DE VIVA --, Scottsdale AZ, 85258

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2 beds, 1.75 baths
Home size: 1,982 sq ft
Lot Size: 4,356 sq ft
Added: 12/19/19, Last Updated: 01/20/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6016037
Community: SANTA FE SUBDIVISION UNIT TWO LOT 1-242 & TR A-G
Tract: SANTA FE SUBDIVISION UNIT TWO LOT 1-242 & TR A-G
The price of this listing was last reduced on 1/20/2020 by 2%
Status: Active


BEAUTIFUL HOME IN HEART OF MCCORMICK RANCH. PRIME LOCATION CLOSE TO CLOSE TO GOLF, RESTUARANTS, RESORTS, SHOPPING & RECREATION. MILES OF GREENBELT WALKWAYS, TENNIS, PRIVATE LAKES, COMMUNITY POOL & MORE! JUST WAITING FOR ITS NEW OWNERS! TWO LEVELS WITH ONE SPACIOUS BEDROOM DOWNSTAIRS THAT HAS A SEPARATE EXIT. UPSTAIRS MASTER BEDROOM HAS LOFT OR SITTING ROOM AREA. ADDITIONAL ROOM DOWNSTAIRS THAT WAS ORIGINALLY A 3RD BEDROOM AND CAN EASILY BE CONVERTED BACK. OWNERS CURRENTLY USE IT AS A SITTING/FAMILY ROOM. LARGE OPEN KITCHEN THAT HAS TONS OF CABINET AND COUNTER SPACE. PERFECT SPACE FOR ENTERTAINING AS KITCHEN IS OPEN TO DINING AREA AND LIVINGROOM. CUSTOM TOUCHES THROUGHOUT INCLUDING BAR/DESK AREA, ENCLAVE THAT COULD EASILY BE BREAKFAST ARE AND ATRIUM FOR RELAXING. PLENTY

Listed with DPR Realty 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/!


$439,000 :: 11027 E RAVENNA Avenue, Mesa AZ, 85212

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5 beds, 4.5 baths
Home size: 3,939 sq ft
Lot Size: 10,019 sq ft
Added: 10/12/19, Last Updated: 01/17/20
Property Type: Single Family
MLS Number: 5991240
Community: MOUNTAIN HORIZONS UNIT 2
Tract: MOUNTAIN HORIZONS UNIT 2
The price of this listing was last reduced on 10/24/2019 by 2%
Status: Conditional


Back on the market, buyer couldn't perform. Stunning property in a highly desirable Subdivision. Tons of space to spread out in this extra large 5 bedroom, 4.5 bath property with a loft AND a 1st floor office. The bedroom on the 1st floor has its own private bath. Granite counters, gas cooktop and beautiful cabinets complete the amazing kitchen. Two way fireplace in the greatroom and formal living room. The backyard has a pool and spa with a premium extra large corner lot. No neighbors behind you!! See this one!

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/!


$774,900 :: 10040 E HAPPY VALLEY Road #465, Scottsdale AZ, 85255

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3 beds, 3 baths
Home size: 3,795 sq ft
Lot Size: 27,443 sq ft
Added: 07/07/19, Last Updated: 01/16/20
Property Type: Single Family
MLS Number: 5949292
Community: DESERT HIGHLANDS PHASE 2
Tract: DESERT HIGHLANDS PHASE 2
The price of this listing was last reduced on 1/16/2020 by 9%
Status: Active


Great Investment Opportunity ! This home may be eligible for the Residential Remodel Program thru the Desert Highland's HOA. Once qualified the program allows an investor to purchase this home, complete the remodel and resell without having to pay the $75K club membership fee. -- Desert Highlands custom contemporary w/walls of glass, filled with natural light. Gorgeous mountain and city light views.Huge great room with sunken bar, fireplace and pool views. Viking kitchen with every detail high quality and custom. A great property in an outstanding country club community. Seller shall credit Buyer with $8,250/6 months of HOA dues at Close of Escrow.

Listed with Coldwell Banker Residential Brokerage


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


$690,000 :: 15 E LOS ARBOLES Circle, Tempe AZ, 85284

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5 beds, 5 baths
Home size: 4,733 sq ft
Lot Size: 16,553 sq ft
Added: 05/10/19, Last Updated: 01/16/20
Property Type: Single Family
MLS Number: 5923833
Community: Graystone
Tract: Graystone
The price of this listing was last reduced on 1/16/2020 by 1%
Status: Active


Don't miss this beautiful custom built basement home in the South Tempe community of Graystone. This is truly one of a kind with 2x10 steel construction with 14'' thick walls designed for maximum efficiency. At 4617 square feet of liveable space, this amazing property features 5 bedrooms and 5 bathrooms. There's a full basement with an amazing theater room, wetbar and bathroom. There's also a commercial grade fire suppression system, 400 amp electric service and a 220 outlet in the large 3 car garage. Above the garage you'll find more than 700 square feet of awesome storage space. The inside of the home is spacious and has some amazing features. Check out the large living room with the beautiful fireplace, the large island kitchen, the 4 pane, double hung Pella windows. and the remodeled

Listed with Realty 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/!


$2,990,000 :: 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: 01/15/20
Property Type: Single Family
MLS Number: 6017529
Community: SHILOH MLD
Tract: SHILOH MLD
The price of this listing was last reduced on 1/15/2020 by 7%
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/!


$394,900 :: 3033 E BLUE RIDGE Way, Gilbert AZ, 85298

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4 beds, 2.5 baths
Home size: 2,986 sq ft
Lot Size: 8,277 sq ft
Added: 01/11/20, Last Updated: 01/11/20
Property Type: Single Family
MLS Number: 6022647
Community: SHAMROCK ESTATES PHASE 1
Tract: SHAMROCK ESTATES PHASE 1
Status: Active


Welcome home to this beautiful north-facing, two story home featuring beautiful mountain views, wide open living spaces , open kitchen with kitchen island and breakfast bar, huge fenced back yard with covered patio, spacious three car garage, large master suite with separate tub and shower and upstairs laundry room.

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/!


$277,900 :: 10080 E MOUNTAINVIEW LAKE Drive #166, Scottsdale AZ, 85258

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1 bed, 1 bath
Home size: 991 sq ft
Lot Size: 872 sq ft
Added: 01/08/20, Last Updated: 01/08/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6021008
Community: SCOTTSDALE BAY CLUB PHASE 1
Tract: SCOTTSDALE BAY CLUB PHASE 1
Status: Active


This unique condo is situated right on the beautiful Scottsdale Bay Club private lake. The home features garage parking, tile floors, inside laundry and tankless water heater. This home is move in ready and perfect for all buyer types. The community features 2 community pools, workout center, lake subdivision, walking trails, tennis, large park, and is within walking-distance to superb discreet retail nearby (bank, pharmacy, restaurants, gas, gym, coffee shop). This remarkable property is available for immediate sale. The seller is very responsive and the property is a perfect opportunity for all buyer types.

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/!


$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: 01/08/20
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
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/!


$299,900 :: 1282 E WASHINGTON Avenue, Gilbert AZ, 85234

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3 beds, 2 baths
Home size: 1,526 sq ft
Lot Size: 5,228 sq ft
Added: 12/10/19, Last Updated: 01/02/20
Property Type: Single Family
MLS Number: 6011595
Community: LAKEVIEW TERRACE AT WIND DRIFT
Tract: LAKEVIEW TERRACE AT WIND DRIFT
Status: Active


Amazing opportunity to own this great 3 bedroom 2 bath home in the highly desirable Lakeview Terrace at Wind Drift subdivision! This home has a perfect floor-plan and features vaulted ceilings and a large great-room. The kitchen features a gas range and walk in pantry. The master boasts a large walk in closet, separate tub and shower and private toilet room. Enjoy the large covered patio with N/S exposure. You will love living next to Freestone Park which offers tennis, skate park, softball, soccer, batting cages, fishing, volleyball, Rec center and the list goes on!! New AC in 2016. Homes here don't last so act quick so you don't miss the opportunity!

Listed with The Offer Company


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


$2,500,000 :: 8151 E MORNING VISTA Road, Scottsdale AZ, 85266

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5 beds, 7 baths
Home size: 9,105 sq ft
Lot Size: 422,532 sq ft
Added: 01/02/20, Last Updated: 01/02/20
Property Type: Single Family
MLS Number: 6018337
Community: None
Tract: None
Status: Active


Extended to Monday, January 20, 2020, the property, formerly listed at $3.8 million to include 9.7 acres will be sold to the highest offeror. At a minimum, all qualified prospective buyers must include with their offer proof of funds,financing commitment if applicable, willing to open Escrow with $100,000 earnest money at contract acceptance and for it to become non refundable and released to seller after inspection period. See its Home's MOTION VIDEO under Photo Tab.

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/!


 

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