Arizona, Phoenix foreclosure and delinquency rates are below national averages

Foreclosure Rates in Arizona are down for both the State and its Major Metro areas Remaining Lower than the National Average.

phoenix,arizona,foreclosures,for sale,real estate,distressed,homes,saleThat comes from the latest CoreLogic LPI report looking at foreclosure rates, and serious delinquency rates and 30-day delinquency rates. Arizona, and its major metro areas are below already-declining national averages in all three categories. The report looks at year-to-year rates from January 2017 to January 2018.

Arizona’s delinquency and foreclosure rates are lower than the national average, a pattern that follows from last year even as the rates reduce nationally. The state’s own percentages also dropped marginally from numbers last year in Arizona.

Nationally, the foreclosure rate is 0.6 percent. In Arizona, the foreclosure rate is just 0.2 percent statewide. That’s the same in metro Phoenix, while Tucson’s foreclosure rate is 0.3 percent.

Tina Tamboer, a senior housing analyst for the Cromford Report, said the low rates, especially rates below the national average, are a positive for the local market.

Tamboer said the low rates, especially in a seller’s market, mean prices are meeting the level of demand in the market.

Frank Martell, president and CEO of CoreLogic, said most of the country has seen lower rates for both foreclosures and delinquency.

“Declines in the unemployment rate have supported a rise in income, and home-price growth has built home equity,” Martell said in a statement. “These two economic forces coupled with high-quality underwriting have lowered overall delinquency rates.”

For delinquencies, Arizona saw a decline in 30-day or more delinquent rates to 3.1 percent, and serious delinquent rates are at 0.9 percent. In Phoenix, the delinquency rates are just below the statewide rates at 2.8 percent rate for 30-day and 0.8 percent for serious delinquency. Tucson’s 30-day and serious delinquent rates are 3.7 percent and 1.2 percent, respectively.

All of those are lower than the national averages of 3.9 percent for 30-day delinquencies and 2.1 percent for serious delinquencies.

“It’d be very sad to see someone foreclose in today’s market,” Tamboer said, adding people generally could sell instead to pay off the mortgage.

Because Arizona is a non-judicial foreclosure state where lenders can foreclose without going to court, Tamboer said Arizona was hit particularly hard by foreclosures in the Great Recession. However, because foreclosures are not dragged out in court, the state was able to recover faster after the initial onslaught.

Tamboer also said the lack of foreclosures is forcing investors to look to more traditional avenues to buy up below-market properties.

Metro Phoenix and Arizona Foreclosures For Sale

120 matches found

$305,000
1756 N ARDEN, Mesa, AZ 85205
View Photos (22)Virtual Tours (1)
Property Type: Residential
# of Bedrooms: 2
# of Bathrooms: 2
Square Footage: 1704
Year Built: 1989
Subdivision: FAIRWAY GROVES UNIT 5
City/Town Code: Mesa
Description: Fantastic light and bright split floor plan home with a huge pool & oasis b...
Status: Active
Last Updated: April - 03 - 2020
IDX
$173,650
9611 N 1ST Avenue, Phoenix, AZ 85021
View Photos (9)
Property Type: Residential
# of Bedrooms: 2
# of Bathrooms: 1
Square Footage: 1121
Year Built: 1947
Subdivision: NORTH CENTRAL HEIGHTS A BLKS 1-6
City/Town Code: Phoenix
Description: Great opportunity in this charming neighborhood! SHORT SALE ALREADY APPRO...
Status: Active
Last Updated: April - 03 - 2020
IDX
$305,000
17345 W RED BIRD Road, Surprise, AZ 85387
View Photos (28)
Property Type: Residential
# of Bedrooms: 4
# of Bathrooms: 2.5
Square Footage: 2677
Year Built: 2006
Subdivision: DESERT OASIS AT SURPRISE PARCEL L14-A
City/Town Code: Surprise
Description: Buyers backed out! Charming home and a great neighborhood. Open floor plan....
UCB or CCBS: No
Status: Active
Last Updated: April - 03 - 2020
IDX
$295,000
3838 E DEWBERRY Avenue, Mesa, AZ 85206
View Photos (25)
Property Type: Residential
# of Bedrooms: 4
# of Bathrooms: 2
Square Footage: 2094
Year Built: 1985
Subdivision: LEMONTREE 2
City/Town Code: Mesa
Description: NO HOA!! HUGE lot with RV gate on a cul de' sac! Longer driveway for extra ...
Status: Active
Last Updated: April - 02 - 2020
IDX
$226,500
11265 E CICERO Street, Mesa, AZ 85207
View Photos (14)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Square Footage: 1539
Year Built: 1999
Subdivision: DAVE BROWN AT MOUNTAIN & UNIVERSITY
City/Town Code: Mesa
Description: 3/2 in Mesa convenient to 202. Needs TLC, Fix Up but great home!!! Very Pr...
UCB or CCBS: No
Status: Active
Last Updated: April - 02 - 2020
IDX
$305,000
1044 E ALAMEDA Drive, Tempe, AZ 85282
View Photos (44)
Property Type: Residential
# of Bedrooms: 4
# of Bathrooms: 2
Square Footage: 2464
Year Built: 1965
Subdivision: HUGHES ACRES 2 LOTS 141-219
City/Town Code: Tempe
Description: Spacious Basement Home Just Listed in Tempe with a POOL! What a perfect in...
Status: Active
Last Updated: April - 02 - 2020
IDX
$258,000
6311 S 44TH Avenue, Laveen, AZ 85339
View Photos (27)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Square Footage: 1702
Year Built: 2006
Subdivision: ROGERS RANCH UNIT 2
City/Town Code: Laveen
Description: Laveen home on a large corner lot! The warm neutral color palette flows thr...
Status: Active
Last Updated: April - 02 - 2020
IDX
$239,900
11923 N 154TH Drive, Surprise, AZ 85379
View Photos (39)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2.5
Square Footage: 2234
Year Built: 2006
Subdivision: RANCHO GABRIELA PHASE 3 PARCEL 17
City/Town Code: Surprise
Description: Open floor plan with island kitchen, black appliances and walk in pantry. T...
Status: Active
Last Updated: April - 02 - 2020
IDX
$110,000
20628 E CACTUS WREN Drive, Mayer, AZ 86333
View Photos (51)
Property Type: Residential
# of Bedrooms: 4
# of Bathrooms: 2
Square Footage: 1351
Year Built: 1997
Subdivision: CORDES LAKES UNIT 8
City/Town Code: Mayer
Description: Looking for a great house on a super large lot in Mayer? Well, here it is! ...
Status: Active
Last Updated: April - 02 - 2020
IDX
$129,000
207 W CLARENDON Avenue, 21H, Phoenix, AZ 85013
View Photos (26)Virtual Tours (2)
Property Type: Residential
# of Bedrooms: 1
# of Bathrooms: 1
Square Footage: 908
Year Built: 1964
Subdivision: EXECUTIVE TOWERS
City/Town Code: Phoenix
Description: Beautiful views of downtown and South Mountain from the 21st floor of this ...
Status: Active
Last Updated: April - 02 - 2020
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