Occasionally I will run the numberes on zip codes in the Phoenix area to see how they look. As of tonight (Sunday, July 13th at 1130 PM AZ Mountain Standard Time) we had the grand prize being tied between Surprise's 85379 and Buckeye's 85326 both @ 649 foreclosures scheduled in the next 90 days. How many of those will go to foreclosure it is tough to tell but probably most. IF those zip codes were built out (ie 10000 addresses), and that is unlikely as they are half pasture, there are approximately 1 in 15 homes headed to foreclosure this quarter. The quarter that follows or precedes this does not include the same homes. When the foreclosures stop flowing it will be interesting to see how many homes foreclosed in those zip codes. I would guestimate it would be a few thousand over an 18 month span with probably another 1000 in short sales. Both of these zip codes had an explosion in building during the bubble, a great deal were 'investors' then, which are now called speculators. It is interesting how verbiage evolves isn't it?

Continuing on, Goodyear's 85338 currently has 466 foreclosure notices. They are the runner up in the west valley. Again a lot of construction in that zip code during the bubble.

In the far north valley, we have Anthem's 85086 coming in at 431 current foreclosure notices.

One has to understand that not all will end up foreclosing. The odd one will actually cure in the 90 day period, but that is the exception in this market. Most foreclose and a smaller percentage also are sold via short sale before foreclosure. That is if the bank will actually get back to you before the foreclosure date! It amazes me how many of these pre-foreclosure/future trustee sales are not even active listings when one does this search. It is hard to sell a property as a short sale when they aren't even listed! The owners most likely don't see the short sale helping them much, especially if they were an "investor-read speculator" during the bubble. When you have 5 properties going to foreclosure, will a short sale or two actually help your credit rating vs 3 foreclosures? So they walk....

Litchfield Park's 85340 came in at 296 foreclosures. Getting better as we get closer to the 101. 

Scottsdale's 85255 had 255 foreclosures. During the bubble 500 new homes were built in DC Ranch's Desert Parks area. That is northeast of the 101. There are a lot of trustee sales scheduled in that area. 85254 had 204, mostly in condo conversion projects converted during the bubble. Not really a big surprise. Far north Scottsdale's 85262 had 108 foreclosure notices, and 85259 (Hidden Hills area of Scottsdale) had 170. 

Desert Ridge's 85054 had only 22. Amazing. Almost 20 are in a condo conversion project. Converted during the bubble unsurprisingly. So the rest of the east side of Desert Ridge which didn't have any single family homes built during the bubble have 4, that is correct, 4 foreclosures. I guess people just can't walk away from good shopping! Hey Nordstrom's is coming to City North, why would anyone sell their home there right? ; ) 

The west side of Desert Ridge (85050) where Aviano was built during the bubble has 121 foreclosure notices. Are we seeing a pattern here? Any zip code with a lot of building activity during the bubble has a lot of foreclosures now. 

Paradise Valley has 44 currently scheduled. It will be interesting to see how many are scheduled in a few more quarters. Many luxury home builders speculated in 85253 and started building with out a buyer and now they sit. Only the crickets are active. Homes over 3 million are as common as bigfoot sightings right now in the Business Journal. 

Biltmore's 85016 has 225 foreclosure notices. Many are condo conversions or new condos in that zip code also. Arcadia's 85018 has 157 foreclosure notices. Mid-town's 85012 has 37 scheduled, and 85013 has 80 scheduled. Interestingly those last 2 zip codes actually appreciated in value in 2007. 

If you have any foreclosure questions, feel free to shoot me an email @ Marc@ThePhoenixExperts.com or call me at 602 692 4288.

THIS IS A BUYERS MARKET! If you don't have to sell, DON'T!