The shortest calendar month of the year closes today and we’re expecting temps in the low 80’s! Good Day Arizona! Chamber of Commerce weather is upon us – at least for a few days.
Well let’s start with a warning. You may see the local news shortly report on news that sells: Yes, that news, in their mind, bad news. Here’s the headline:
Maricopa County Pending Foreclosures Rise 51% in One Month!
True? Yes. Per our impeccable reporting source, the Cromford Report, there are currently 737 pending foreclosures in the county. Last month there were 488 that were pending. That is indeed a 51% increase.
Here’s the non-spin: For some perspective, please observe that last moth we had our lowest level of foreclosures ever!Our highest pending foreclosures on record in the county going back to the grossly memorable year of 2009 was over 51,000 pending foreclosures!
Will these pending foreclosures go to foreclosure sale? Some will. Most not. The worst-case scenario for most of these owners is that they will sell the home and put cash in their pocket due to the amount of equity gained by recent appreciation. The danger for these homeowners is that they may feel like they have to yield to an immediate low-ball offer from investors to buy their home. We cannot stress enough for sellers to get 2-3 opinions from “reputable” and “experienced” Realtor professionals. Hey, that would be us😉!