In December 2009, the Phoenix Metro area had over 50,000 foreclosures pending, no doubt more than at any time in our history. These properties were in the pipeline to be sold off at a Trustees Sale by the counties. According to an article recently in the AZ Republic, in 2011 more than 1500 houses per month were being auctioned off. Today that number is down to just 100 per month!
Back then as many as 100 bidders could show up on any given day to bid on properties. Today, there is just a handful. Major corporate investors have snapped up (literally) thousands of properties, most holding them as rental investments. Fix and Flips have been very popular as well, which has helped to turn neighborhoods around in value and look.
Is the foreclosure market done? The best we can say with certainty is that it’s done for now. Certainly we’re trending well towards that goal for our communities, but there are many thousands of homeowners who are still “underwater,” owing more on their homes then the house is worth. Any major negative change in our market could start the process over again.
Fortunately, as values have continued to rise, many folks have been able to sell or refinance their homes. There are also government programs that can still help folks who find themselves stuck. If you or someone you know falls into this category, give me a call. I can help! (602) 689 – 3100