Phoenix Arizona Has About 45,000 Pending Foreclosures

By
Real Estate Broker/Owner with Benjamin Realty LLC

Around the end of June the Arizona Republic reported that as many as 45,000 “pending” foreclosure homes are being “held back” from being placed on the market to be sold.

One belief is that the banks are deliberately dragging their feet at putting these homes onto the market in an effort to keep home prices from sliding even farther. But many feel that this may even hinder and prolong the market’s long term recovery.

Another belief is that the banks are dragging their heels on higher ticket properties because the demand is low and selling off so many of these properties at low prices could possibly cause some banks to fail.

Another school of thought is that the banks are simply overwhelmed with the volumes and cannot deal with them any quicker. 

Or maybe the reasons are some of all the above. Whatever the reason it seems there will be foreclosures coming onto the market for the foreseeable future making some great buyer opportunities.

To read more about the state of the pre-foreclosures in the Phoenix Arizona area, checkout our post on Benjamin.com's blog. 

If you are a buyer thinking of buying, now may be the time. Give us a call - -480-201-3001.

Posted by

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This post is copyright of Bob and Carolin Benjamin, Benjamin Realty LLC, Gold Canyon and East Phoenix Arizona Valley Realtors. 480-201-3001. 

Comments (10)

Eric Johnson
Property Source Realty, Phoenix AZ - Goodyear, AZ

Little has been said on the fact the banks needed to read the 1300+ pages of bailout bill that has many new requirements for lenders in how they handle to whole range of lender activities from initial prequal to foreclosures.

While Congressmen can get away with voting on something they haven't read, I doubt if they'll be too kind if a lender skips a page or two.  I would be surprised if the lenders were NOT being overly cautious about what was written and now expected of them.

Jul 08, 2009 03:53 AM
Not a real person
San Diego, CA

We were expecting another huge round of foreclosures here in April and May, but the California moratorium on foreclosures put a stop to that. Inventory here seems to be abysmal right now, with anywhere from two to four months of inventory. Fortunately, home sales have been up for 11 consecutive months, and prices have been up or flat for 5 consecutive months. June stats are due out shortly, and I expect 11 and 5 to turn into 12 and 6.

High end homes are still suffering the most here, though.

San Diego Mission Valley home

Jul 11, 2009 11:34 PM
Todd Clark
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

WOW, That is a lot of foreclosures, I can't imagine what that would do to the market here if that many hit the market all on one day.

Todd Clark - www.LivingBeaverton.com

Jul 13, 2009 06:28 AM
Russel Ray, San Diego Business & Marketing Consultant & Photographer
Russel Ray - San Diego State University, CA

Supposedly we have a lot of "pending foreclosures" here, too. If so, I actually wish they would release some because inventory here seems to be abysmal, at least in the 39 condo complexes in my farming area.

Jul 15, 2009 04:40 AM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

I need to start reading my comments. Comment #4 is actually by me. Russel left to go to a home inspection and left his computer logged in to ActiveRain. We always try to save electricity by not using both computers if it's not necessary.

Jul 15, 2009 05:03 AM
Lynn911.com ~ Dallas Real Estate Agent Top Team
Dallas Houses for Rent Dallas Apartment Rentals Lynn911.com - Dallas, TX

Bob & Carolin wow 45,000 foreclosures what is the population of entire area.... ! sorry hear about this

Have a great and successful weekend.

Jul 18, 2009 03:28 AM
Jim Valentine
RE/MAX Realty Affiliates - Gardnerville, NV

We don't have 45,000 people living in our county!  That is an amazing amount of properties.  It will be interesting to see how this all plays out.  Time will make something happen - hopefully it will be good.

Jul 19, 2009 03:53 AM
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hi Bob and Carolin, We have heard similar stories of foreclosures being held back.  As you mentioned some are saying that the banks just can't get through the mounds of paperwork. 

Jul 21, 2009 04:46 AM
Ann Allen Hoover
RE/MAX Advantage South - Hoover, AL
CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

I am amazed at such a large number for Phoenix!  I would not want to be working for a lender and having to deal with the paperwork on such a huge volume of foreclosure properties!

Jul 23, 2009 03:12 AM
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

I wonder if some of these homes were bought by Californians who fled our state in pursuit of better and larger houses for considerably less than what the California houses are selling for.

Pending foreclosure ---- does that include the ones that have the notices of default? if so, there's the possibility that some of these homes may have their loans modified. We can hope!

Aug 05, 2009 04:53 AM