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

$629,900 :: 3771 E DUBLIN Street, Gilbert AZ, 85295

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4 beds, 2.5 baths
Home size: 2,465 sq ft
Lot Size: 6,970 sq ft
Added: 06/30/22, Last Updated: 07/01/22
Property Type: Single Family
MLS Number: 6412900
Community: Bella Vista
Tract: Bella Vista
Status: Active


Beautiful, large 4 Bedroom plus Den (with built in desk and cabinets) has it all, including 2.5 baths, eat-in kitchen, granite countertops, separate dining room, and a large backyard including Pebble-Tec Pool with Waterfall. Wired for surround sound in Family Room & Patio. Fresh interior paint and exterior (pop-outs and fascia) paint. Fantastic location with Top Tier A+ Schools. Close to parks, the 202 Freeway and San Tan Village Mall.

Listed with JK 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/!


$404,900 :: 2848 E BROWN Road #22, Mesa AZ, 85213

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3 beds, 2 baths
Home size: 1,355 sq ft
Lot Size: 6,970 sq ft
Added: 06/30/22, Last Updated: 06/30/22
Property Type: Single Family
MLS Number: 6426366
Community: NORTHGROVE
Tract: NORTHGROVE
Status: Active


This great home is super cute and very homie. It sits on an over size lot that is perfect size for an oasis type back yard. Its close to shopping freeways and plenty of retail near by. It has a two car garage and separate dinning for the entire family to enjoy. This home can be your very next property you can call home.

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/!


$649,500 :: 852 E RAWHIDE Court, Gilbert AZ, 85296

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3 beds, 2 baths
Home size: 2,068 sq ft
Lot Size: 5,663 sq ft
Added: 05/18/22, Last Updated: 06/29/22
Property Type: Single Family
MLS Number: 6396616
Community: YELLOW ROSE RANCH AMD
Tract: YELLOW ROSE RANCH AMD
The price of this listing was last reduced on 5/26/2022 by 7%
Status: Active


BACK ON MARKET- BUYER UNABLE TO CLOSE ***RARE VIP CUSTOM HOME IN PRIME GILBERT LOCATION*** These do not come on the market often!! VIP Homes are built with energy efficiency! 15' high ceilings. HUGE granite counter tops, dark maple cabinets. 5 MINUTES FROM DOWNTOWN GILBERT (1.5 miles!!) CLOSE TO SAN TAN VILLAGE. HIGH QUALITY BUILD! 2x6 construction, 2 car garage, low e windows, higher seer rated air conditioning systems, PLANTATION SHUTTERS THROUGHOUT WHOLE HOUSE! Private swimming pool with water feature and more!

Listed with Keller Williams Arizona 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/!


$395,900 :: 7908 E NOPAL Avenue, Mesa AZ, 85209

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2 beds, 2 baths
Home size: 1,331 sq ft
Lot Size: 6,099 sq ft
Added: 06/24/22, Last Updated: 06/29/22
Property Type: Single Family
MLS Number: 6423461
Community: SUNLAND VILLAGE EAST SIX
Tract: SUNLAND VILLAGE EAST SIX
Status: Active


Welcome home to this beautifully maintained, single level home with welcoming front porch in the popular Sunland Village East Active Adult Community. This home shows well and features everything you are looking for in a quality home with block wall construction. You will enjoy the spacious covered patio overlooking the low maintenance landscaping in front and back. Added energy efficiency with solar screens on all the windows, lots of storage space, and extended garage with workbench. This home is very centrally located and is just minutes from Loop 202 and US60. The Sunland Village East community Amenities include Golf, Tennis, Swimming Pools, Fitness Centers, Pickleball, Library, Woodshop and much more. for Year-Round Enjoyment.

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/!


$690,000 :: 7717 N VIA CAMELLO DEL NORTE --, Scottsdale AZ, 85258

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2 beds, 2 baths
Home size: 1,890 sq ft
Lot Size: 4,356 sq ft
Added: 05/06/22, Last Updated: 06/25/22
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6395539
Community: SANTA FE SUBDIVISION UNIT 2
Tract: SANTA FE SUBDIVISION UNIT 2
The price of this listing was last reduced on 6/25/2022 by 8%
Status: Active


Great Single Level Floor Plan in High Demand McCormick Ranch's Santa Fe Community! Best Price in Santa Fe! Across from Pool! Needs TLC but great potential! 2 Bedroom Master split w Front Court Yard & Rear Exit to Patio. Interior Atriums. Kitchen Nook. Inside Laundry. Nice Flooring throughout. Absolutely fantastic bones! Owner says Sell! Post COE Possession Requested! Investor Special! Lot's of Meat on the Bone! Quick Close w Cash deal preferred! Great McCormick Ranch Area w proximity and easy access to the 101 Freeway and Sky Harbor Airport, and Casinos, as well as best shopping, best schools and Fine Dining.

Listed with MUNRO REALTY INTERNATIONAL


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


$1,195,000 :: 7429 E CORRINE Road, Scottsdale AZ, 85260

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4 beds, 2.5 baths
Home size: 2,559 sq ft
Lot Size: 13,940 sq ft
Added: 06/24/22, Last Updated: 06/24/22
Property Type: Single Family
MLS Number: 6423169
Community: BUENAVANTE
Tract: BUENAVANTE
Status: Active


This home has it all in this great NO HOA community. As you enter, you are greeted by a very open space which incudes the living and dining room plus a unique sunken conversation pit with 2-way fireplace --perfect for entertaining. Nice size kitchen and family room which opens onto an expansive patio and large backyard with a sparkling pebbletek pool..plenty of room for gatherings and lawn games. Mature landscaping plus lemon, orange and grapefruit trees. The master bedroom is split for privacy and has an inviting brick fireplace with exit to backyard. Home boasts 4 bdrms, den, 2.5 baths, 3.5 car garage, plus storage galore and more. Must see to appreciate. Sonoran Sky Elementary is just around the corner.

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/!


$680,000 :: 9834 E IRWIN Circle, Mesa AZ, 85209

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4 beds, 2.5 baths
Home size: 2,770 sq ft
Lot Size: 9,148 sq ft
Added: 06/01/22, Last Updated: 06/12/22
Property Type: Single Family
MLS Number: 6408150
Community: SIERRA RANCH 3
Tract: SIERRA RANCH 3
The price of this listing was last reduced on 6/12/2022 by 3%
Status: Active


This is your opportunity to own this amazing home located in the desirable Sierra Ranch Community! 4 bed, 2.5 bath home with a 3 car garage & rv gate. The kitchen has granite countertops and is spacious for family gatherings or entertainment. You get a living room area and family room all located downstairs. Next to the family room is a den perfect for a home office. All 4 bedrooms are located upstairs. The master bedroom has a door leading to its own balcony. Outside you will find a large yard with a pebbletech pool that has a slide, waterfall, & grotto. Perfect for our hot summers. Don't miss your opportunity to own this home!

Listed with Real Estate At The Firm


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


$699,000 :: 2047 W ELLIOT Road, Chandler AZ, 85224

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4 beds, 2 baths
Home size: 2,626 sq ft
Lot Size: 33,542 sq ft
Added: 05/06/22, Last Updated: 06/06/22
Property Type: Single Family
MLS Number: 6385788
Community: TRAILS END ESTATES
Tract: TRAILS END ESTATES
Status: Active


Huge lot with tons of potential!! 4 bedrooms and 2 baths. Great location with easy access to the 10 and 60. The expansive backyard features a deep pool & play area along with a commercial kennel set up. This one won't last long!!

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/!


 

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