Foreclosure Statistics in Phoenix
Foreclosure statistics are a key topic of interest now that the housing market is showing signs of recovery. Maricopa County, located in the middle of Arizona, includes Phoenix and surrounding cities. Phoenix was one of the worst hit in the housing meltdown. Listings reached as high as 56,000 residential properties in the recent past but are now under 14,000 total properties for sale.
From this chart you can see that foreclosure inventories have dropped by over 50% year over year. Arizona is a non-judicial state, meaning; attorneys are not used in the sale of property. The foreclosure process is straight forward. A homeowner misses 3 payments and receives a Notice of Default (NOD) with the trustees sale date indicated in another 90 days. If the homeowner does not become current on their payments and pay the balance in full, the trustees sale is initiated.
Foreclosure Bids - published bid is the total due from the original date of purchase. The Opening bid is the banks starting bid at the trustees sale, and the winning bid is the amount paid by the 3rd party for the foreclosed property.
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