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

46 matches found

$245,000
1825 W RAY Road, 2050, Chandler, AZ 85224
View Photos (15)Virtual Tours (1)
Property Type: Residential
# of Bedrooms: 2
# of Bathrooms: 2
Square Footage: 860
Approx Lot SqFt: 965
Year Built: 1989
Subdivision: LAKESHORE AT ANDERSEN SPRINGS CONDOMINIUM
City/Town Code: Chandler
Description: Totally renovated in 2019 !!This quiet corner upstairs unit has 2 beds, 2 b...
Status: Active
Last Updated: November - 29 - 2020
IDX
$185,000
7009 E ACOMA Drive, 2035, Scottsdale, AZ 85254
View Photos (20)
Property Type: Residential
# of Bedrooms: 1
# of Bathrooms: 1
Square Footage: 772
Approx Lot SqFt: 767
Year Built: 1994
Subdivision: PLAZA RESIDENCES A CONDOMINIUM
City/Town Code: Scottsdale
Description: Absolutely Stunning 1 Bedroom, 1 Bathroom, Single Level Condo Located on 2n...
Status: Active
Last Updated: November - 29 - 2020
IDX
$339,900
426 N OLIVE, Mesa, AZ 85203
View Photos (25)Virtual Tours (1)
Property Type: Residential
# of Bedrooms: 4
# of Bathrooms: 2.5
Square Footage: 2381
Approx Lot SqFt: 10171
Year Built: 1950
Subdivision: FARNSWORTH PLACE
City/Town Code: Mesa
Description: What an amazing find! This 1950's classic is absolutely brimming with charm...
Status: Active
Last Updated: November - 28 - 2020
IDX
$114,900
12649 N 113TH Drive, Youngtown, AZ 85363
View Photos (13)
Property Type: Residential
# of Bedrooms: 2
# of Bathrooms: 1
Square Footage: 900
Approx Lot SqFt: 3265
Year Built: 1975
Subdivision: Mountain View Gardens
City/Town Code: Youngtown
Description: Features for this Youngtown home include formal living room, ceramic tile f...
Status: Active
Last Updated: November - 28 - 2020
IDX
$300,000
3410 N 84TH Lane, Phoenix, AZ 85037
View Photos (28)
Property Type: Residential
# of Bedrooms: 4
# of Bathrooms: 2
Square Footage: 1507
Approx Lot SqFt: 6743
Year Built: 1974
Subdivision: Arizona Homes No 2
City/Town Code: Phoenix
Description: 4 bed 2 bath with a pool! Beautiful remodel, top of the line flooring, coun...
Status: Active
Last Updated: November - 28 - 2020
IDX
$20,000
8515 S 20TH Street, Sun Valley, AZ 86029
View Photos (1)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Square Footage: 897
Approx Lot SqFt: 11496
Year Built: 1978
Subdivision: PAINTED DESERT MOBILE VILLA
City/Town Code: Sun Valley
Description: 896 sq ft single wide outside of town in Sun Valley just south of I40. Grea...
Status: Active
Last Updated: November - 27 - 2020
IDX
$144,900
695 S 92nd Street, Mesa, AZ 85208
View Photos (14)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Square Footage: 1152
Approx Lot SqFt: 7802
Year Built: 1997
Subdivision: SUPERSTITION COUNTRY
City/Town Code: Mesa
Description: Looking for a fantastic house in need of some TLC, look no further! Quick A...
Status: Active
Last Updated: November - 27 - 2020
IDX
$72,000
209 W Oak Street, Winslow, AZ 86047
View Photos (1)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Square Footage: 956
Approx Lot SqFt: 6970
Year Built: 1900
Subdivision: A&P Addn
City/Town Code: Winslow
Description: Great spot to be. Right across from the school. In town. Fenced yard, carpo...
Status: Active
Last Updated: November - 27 - 2020
IDX
$87,900
10277 S Cyclone Avenue, Yuma, AZ 85365
View Photos (1)
Property Type: Residential
# of Bathrooms: 1
Square Footage: 665
Approx Lot SqFt: 6658
Year Built: 2002
Subdivision: Seasons RV Village 3 Lot 416
City/Town Code: Yuma
Description: Great big piece of Arizona for you to call your own. Convenient to everyth...
Status: Active
Last Updated: November - 25 - 2020
IDX
$243,000
10307 W CAMPBELL Avenue, Phoenix, AZ 85037
View Photos (1)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Square Footage: 1806
Approx Lot SqFt: 6342
Year Built: 1985
Subdivision: VILLA DE PAZ 3
City/Town Code: Phoenix
Description: 3 Bedroom, 2 Bathroom, 2 Story Home, Spacious Kitchen & Dining Room, Family...
Status: Active
Last Updated: November - 25 - 2020
IDX

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