Maricopa County Foreclosure Data October 2012
December 3, 2012
Maricopa County Residential Foreclosure Data 10/01/12
What does all of this data mean? Here is the take away:
Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.
- At the end of September 2012, there were 13,066 Active Default Residential Properties. This is down from the previous month when there were 14,999 Active Default Residential Properties. FYI: The All-Time high was in December of 2009 when there were 47,606 Active Default Residential Properties.
Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee’s Deed.
- Foreclosures hit an All-Time, one-month high in March 2010 with 5,451. Last month, there were 1,756Foreclosures. This was down by 761 units from August.
REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).
- There are currently 5,939 Residential REO Properties – vs. last month when there were 5,970. This is down slightly – by 31 REO units – from last month! In September 2011 , there were 13,556 REO Properties – so we are down by 66% from then. There are approximately 1,493 REO Properties listed in the MLS, with an additional 1,332 REO Properties that are in Pending Status in the MLS. This means that there are approximately 3,114 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.
NOTE: Short Sales currently represent approximately 26% of the total sales – and REO Sales are down to 12.6%. “Traditional Sales” currently represent 61% of the market – that is the highest percentage for “Traditional Sales” in five years!
If you have any questions regarding short sales, foreclosures or traditional sales, especially Real Estate for Sale in Queen Creek and San Tan Valley AZ, then please do not hesitate to contact Karen Berg at 602.919.2375. I always enjoy informing my buyers and sellers on the important issues pertaining to real estate in today’s market!
We’re looking forward to hearing from you soon!
*Special thanks to Equity Title Mesa for the analysis.