After the last couple of weeks of uncertainty we have all been through I was cheered when I read this latest article from Catherine Reagor of the Arizona Republic, and wanted to share this ray of sunshine with you.
Foreclosures continue to drop in metro Phoenix, a trend signaling the housing market is slowly getting in position for a recovery, according to many real-estate analysts.
In July, lenders foreclosed on 3,176 Phoenix-area homes, according to the Information Market. That compares with 3,887 in June. The last time Valley foreclosures, or trustee-sale numbers, were this low was in December, when major lenders, including Bank of America, had foreclosure moratoriums in place to check out accusations of robo-signing.
Pre-foreclosures, or notices of trustee sales, fell to 4,015 in July from 4,262 in June. In the previous July, lenders sent out notices that they were beginning foreclosure proceedings on 7,802 metro-Phoenix homeowners.
The number of pending foreclosures for the area dipped to 23,300 last month, compared with 25,300 in June. A year earlier, there were more than 40,000 pending foreclosures in metro Phoenix. The number is down because of fewer new foreclosures and more trustee sales going through, particularly on the Maricopa County courthouse steps.
What continues to concern some market watchers is Phoenix’s “shadow inventory,” which includes homes on which borrowers are behind on their payments but that lenders haven’t started to foreclose on yet. Also, the shadow inventory includes houses that lenders have foreclosed on but aren’t yet listing for resale.
After a lender has taken back a house, it’s considered a real-estate-owned property.
According to Information Market, there are 15,850 REOs either for sale or being held by lenders for future sale in metro Phoenix.
The number of REOs in the region has been steadily dropping every month this year.
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Bill Cole, owner ForeGolfProperties.com, Managing / Associate Broker. Re/Max Excalibur Managing/Associate Broker, CIAS (Certified Investor Agent Specialist), ABR (Accredited Buyers Representative), CDPE (Certified Distressed Property Expert), CRS (Certified Residential Specialist), GRI (Graduate Real Estate Institute), Licensed in Washington and Arizona with over 23 years of dedicated service representing both Buyers and Sellers. By far the greatest percentage of my business and the highest compliment myclients can give is the referral of their friends, family and associates.
