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

22 matches found

$157,900
7190 S RAINBOW VISTA Lane, Hereford, AZ 85615
View Photos (6)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Approx Lot SqFt: 48524
Year Built: 1998
Subdivision: None
City/Town Code: Hereford
Description: Here is a great property to fix up and make it just the way that you want i...
Status: Active
Last Updated: December - 08 - 2021
IDX
$358,000
844 W 10TH Street, Mesa, AZ 85201
View Photos (28)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Approx Lot SqFt: 8015
Year Built: 1964
Subdivision: COUNTRY CLUB VILLAGE LOT 1-43, 70-75
City/Town Code: Mesa
Description: Remarkable Single Family Block Home just minutes from loop 101 and 202. Th...
Status: Active
Last Updated: December - 08 - 2021
IDX
$64,900
4564 4th North Avenue, Joseph City, AZ 86032
View Photos (54)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Approx Lot SqFt: 19602
Year Built: 1978
Subdivision: Joseph City Townsite
City/Town Code: Joseph City
Description: This great little home offers more room than you would believe. Home needs ...
Status: Active
Last Updated: December - 08 - 2021
IDX
$300,000
1913 W HAZELWOOD Parkway, Phoenix, AZ 85015
View Photos (24)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 1.75
Approx Lot SqFt: 2200
Year Built: 1967
Subdivision: CASA FIESTA TOWNHOUSES
City/Town Code: Phoenix
Description: Large centrally located two story townhome in the Fiesta Townhome community...
Status: Active
Last Updated: December - 08 - 2021
IDX
$198,000
851 S John Wayne Parkway, Maricopa, AZ 85138
View Photos (1)
Property Type: Residential
# of Bedrooms: 2
# of Bathrooms: 1
Approx Lot SqFt: 98945
Year Built: 1973
Subdivision: SW SW SW NW SEC 28 6S 3E 2.5AC
City/Town Code: Maricopa
Description: Great big piece of Maricopa. This is the property that you need to have. ...
UCB or CCBS: No
Status: Active
Last Updated: December - 08 - 2021
IDX
$72,000
12821 E CENTRAL Avenue, Mayer, AZ 86333
View Photos (16)
Property Type: Residential
# of Bedrooms: 2
# of Bathrooms: 1
Approx Lot SqFt: 7644
Year Built: 1920
Subdivision: Big Bug Dist
City/Town Code: Mayer
Description: Nice older single family in the heart of Mayer village - minor fix up to bu...
Status: Active
Last Updated: December - 08 - 2021
IDX
$2,799,000
14531 E SIERRA ALEGRE Court, Fountain Hills, AZ 85268
View Photos (51)
Property Type: Residential
# of Bedrooms: 5
# of Bathrooms: 8
Approx Lot SqFt: 163863
Year Built: 2009
Subdivision: CRESTVIEW AT FOUNTAIN HILLS
City/Town Code: Fountain Hills
Description: Luxury Contemporary Custom Estate designed to perfection on 3.8 Acres Locat...
UCB or CCBS: No
Status: Active
Last Updated: December - 04 - 2021
IDX
$434,777
1036 E BUTLER Drive, Phoenix, AZ 85020
View Photos (48)Virtual Tours (1)
Property Type: Residential
# of Bedrooms: 4
# of Bathrooms: 2
Approx Lot SqFt: 7941
Year Built: 1963
Subdivision: NEW NORTHTOWN
City/Town Code: Phoenix
Description: Own this Hillside property w/RV parking! Discover a formal living room w/pl...
UCB or CCBS: No
Status: Active
Last Updated: December - 03 - 2021
IDX
$99,000
5910 W Macdulla Drive, Willcox, AZ 85643
View Photos (1)
Property Type: Residential
# of Bedrooms: 2
# of Bathrooms: 1
Approx Lot SqFt: 22232
Year Built: 1998
Subdivision: WINCHESTER HEIGHTS
City/Town Code: Willcox
Description: Nice size lot with 1640 sq ft house from 1998. Come make your home in Will...
Status: Active
Last Updated: December - 03 - 2021
IDX
$90,000
418 W HARTFORD Road, Kearny, AZ 85137
View Photos (16)
Property Type: Residential
# of Bedrooms: 4
# of Bathrooms: 2
Approx Lot SqFt: 6706
Year Built: 1967
Subdivision: KEARNY SUBDIVISION NO 4
City/Town Code: Kearny
Description: 4 bedroom 2 bath single family. Great for investment or first time home bu...
Status: Active
Last Updated: December - 02 - 2021
IDX

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