The old days at the county court house foreclosure auctions.
Somebody asked me the other day where all of the foreclosure deals went.
“Away,” I said.
We are now at or below normal levels for foreclosures. Its an interesting thing and amazing how time flies.
Our friends at the Cromford Report had an interesting quick analysis of where we are in comparison to other states. Here’s an excerpt:
“The Black Knight Financial Services Mortgage Monitor Report for March 2015 shows a sharp reduction in home loan delinquency for Arizona. The percentage of first loans with a late payment but not in foreclosure has dropped to 3.3% from 3.9% in February. The percentage of first loans in foreclosure remains at 0.6%, a level which has remained constant since May 2014. We can see the improving trend by examining the percentage of loans with a late payment but not in foreclosure for the last 6 months of March:
• March 2010 = 11.3%
• March 2011 = 8.6%
• March 2012 = 6.1%
• March 2013 = 4.9%
• March 2014 = 3.8%
• March 2015 = 3.3%
Arizona ranks 38 out of 50 states for delinquency pre-foreclosure, 45 out of 50 for loans in foreclosure and 42 out of 50 for overall non-current loans.
Black Knight Financial Services estimates that 9.6% of Arizona loans are underwater. This is the highest level for any state west of the Mississippi except for Nevada which is estimated at 16.4%. However there are still plenty of eastern states with higher levels:
1. Florida = 15.1%
2. Maryland = 14.0%
3. Illinois = 13.7%
4. New Jersey = 13.7%
5. Rhode Island = 13.5%
6. Connecticut = 12.3%
7. Ohio = 12.0%
8. Delaware = 11.4%
9. Michigan = 10.8%
10. Georgia = 10.8%
11. Wisconsin = 9.8%
Arizona’s loan delinquency is now well below the long term average, but negative equity remains a problem for about 1 in 10 borrowers.”
So, if you are thinking of finding distressed properties, we are back to the days when you had to be on the inside with banks so you can get those lists when they take the homes back.
I cut my teeth as a realtor on foreclosures and short sales. I have strong teeth.
Call me if you have any questions about the market today. We are here to help. 602-456-9388.
