Phoenix Pending Forecloseures Are Way, Way, Way Down

Here is a rather dramatic chart that remindes me how far the real estate market has come in the past few years. This chart only goes back to December of 2012. The situation was much worse in 2009 and 2010. This chart shows foreclosures are about 1/3 what they were just 2 years ago. In fact by historical comparisons we are maybe a little below average.

The reasons for improvement are many. The general economy has improved, The job market in Arizona is slowly getting better and the relocation to Phoenix from other parts of the country is picking up after a lull during the great recession. Another important reason for less foreclosure activity is that the owners that were going to be foreclosed on have been. In other words owners that intended to hang onto their properties did. If they had the financial wherewithal to hang onto their underwater property they did and continue to own it or are now thinking about selling if that meets their needs. Lastly more property than you might think has no mortgage on it. ┬áIf it has no mortgage it can’t be foreclosed on. I’ll write more about this in the future.

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