Phoenix Foreclosures Still High Despite Rebound?

Phoenix foreclosures still high according to national standards

 

Although the foreclosure crisis in Phoenix may seem a thing of the past, the foreclosure rate can’t be completely forgotten.
 
New statistics by Corelogic are highlighting an important fact: Phoenix is still one of the top areas in the country for foreclosures. In fact, Phoenix-metro has the 5th largest number of foreclosures for any major metropolitan area. Is that bad news for Arizona homeowners? Not necessarily, if you look at the numbers in a relative way.
 
Corelogic took a sample of 15 major metro cities. Many of these cities use a different type of foreclosure process that takes much longer to complete, known as a Judicial foreclosure. This already limits the foreclosure rate based on how many judges are actually able to hear the cases. In Arizona, we have a much quicker process known as Trustee’s Sale, where no judge has to be present to hear each case. For this reason, for many decades Phoenix has reported a large number of completed trustees sales compared to the other areas Corelogic is comparing our region to.
 
phoenix foreclosure
According to Corelogic, in Phoenix-Mesa-Scottsale area “more than 9,700” foreclosures were completed between May of 2013 and April of 2014. This is probably combining both Pinal and Maricopa Counties, though. Since then, the rate has dropped, and we’re seeing roughly 6,000 completed foreclosures a year, or 500 a month. So, we’re actually below our recent metrics.
 
Some other interesting statistics included in the Corelogic report:
 
– Phoenix “serious delinquency” rate is only 2.0%, which is quite low historically. This is, in fact, the lowest of all the areas included in the Corelogic report.
– Arizona’s completed foreclosures from May 2013 – April 2014 were only 2.8% of the national total of nearly 600,00. We have about 2.1% of the nations population here in our state, so we’re a bit above average per head of population.
– Arizona has the 6th smallest percentage of homes currently in foreclosure.
 
What is scary to consider is that one state that only has 6.2% of the nations population has almost 21% of the foreclosures: Florida. The foreclosure hurricane seems to have already passed through Arizona and now moved on to other states like Florida, Michigan, and Georgia.
 
Although home values have risen in Phoenix significantly from the slump, many homeowners still find themselves underemployed, underwater on their homes, or unable to sell quickly. If you’re facing foreclosure, or just need to sell fast, please think of us first to review your situation and understand your options.
 
Tracy (G+) is an Arizona Short Sale Realtor, Investor, Rehabber, and Foreclosure Expert.
 
She also is an avid blogger, vlogger, contributor to Real Estate Magazines, and hosts Real Estate Rescue, a show dedicated to the distressed property market.

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