The Phoenix Metropolitan number of "notice of trustee sales" is improving. In January, lenders filed 6,762 pre-foreclosure notices, or notice of trustee sales, to valley homeowners who were behind on their mortgage payments. This number was the first time filings fell below 7,000 since November of 2008. In March of 2008, valley pre-foreclosures hit a record of 10,689. Hopefully this decrease in pre-foreclosure notices means that fewer Valley homeowners are struggling to pay their mortgage, or lenders are getting better at offering loan modifications to avoid foreclosure proceedings.
Lenders typically foreclose 90 days after filing a pre-foreclosure notice, but I have recently heard of homeowners who haven't made a mortgage payment for over a year, who have yet to receive their pre-foreclosure notice. Conversely, that tells me that there are still a large number of potential foreclosures to come in the future. I must admit that 6,762 pre-foreclosure notices is still a very large number, considering the average number of foreclosures in the 1990's was about 300 per month. I still feel that we are in for a long recovery. Although the numbers show things are improving, they are moving at a snails pace.
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