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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

45 matches found

$350,000
8541 W CORDES Road, Tolleson, AZ 85353
View Photos (33)
Property Type: Residential
# of Bedrooms: 4
# of Bathrooms: 2
Approx Lot SqFt: 6120
Year Built: 2006
Subdivision: Volterra
City/Town Code: Tolleson
Description: Don't miss out on this fantastic opportunity, PRICED EXTREMELY COMPETITIVEL...
Status: Active
Last Updated: November - 28 - 2022
IDX
$44,900
3307 E Leroy Avenue, Kingman, AZ 86409
View Photos (1)
Property Type: Residential
# of Bedrooms: 2
# of Bathrooms: 1
Approx Lot SqFt: 7405
Year Built: 1995
Subdivision: New Kingman Addition Unit 9
City/Town Code: Kingman
Description: Fix up 1995 single wide - ''attached'' manufactured home. Good bones - just...
Status: Active
Last Updated: November - 27 - 2022
IDX
$52,900
5910 W Macdulla Drive, Willcox, AZ 85643
View Photos (13)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Approx Lot SqFt: 22232
Year Built: 1998
Subdivision: WINCHESTER HEIGHTS
City/Town Code: Willcox
Description: *Seller may carry* Block construction, Large Lot, Fix Up Property, Nice siz...
Status: Active
Last Updated: November - 25 - 2022
IDX
$499,000
1320 W PALO VERDE Drive, Chandler, AZ 85224
View Photos (14)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Approx Lot SqFt: 13565
Year Built: 1981
Subdivision: SARATOGA SQUARE
City/Town Code: Chandler
Description: Come live under the shade of the Ficus tree - this Chandler charmer feature...
Status: Active
Last Updated: November - 25 - 2022
IDX
$276,000
1502 N BRADLEY Drive, Payson, AZ 85541
View Photos (27)Virtual Tours (1)
Property Type: Residential
# of Bedrooms: 5
# of Bathrooms: 2
Approx Lot SqFt: 13624
Year Built: 1974
Subdivision: RANCHO DEL TONTO RESUB UNIT 1
City/Town Code: Payson
Description: This wonderful 5 bedroom 2 bath home has many nice appointments throughout ...
Status: Active
Last Updated: November - 24 - 2022
IDX
$306,000
1319 E JULIUS Street, Casa Grande, AZ 85122
View Photos (1)
Property Type: Residential
# of Bedrooms: 2
# of Bathrooms: 2
Approx Lot SqFt: 6051
Year Built: 2006
Subdivision: ARROYO VISTA UNIT 1
City/Town Code: Casa Grande
Description: Come check out this great 2 bedroom 2 bathroom single story starter or reti...
Status: Active
Last Updated: November - 24 - 2022
IDX
$79,900
225 N Lobb Avenue, Superior, AZ 85173
View Photos (18)Videos (1)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 1
Approx Lot SqFt: 6016
Year Built: 1919
Subdivision: ADDITION TO SUPERIOR TOWNSITE
City/Town Code: Superior
Description: Great investment opportunity! This single family home is situated two block...
Status: Active
Last Updated: November - 23 - 2022
IDX
$700,000
12924 W APODACA Drive, Litchfield Park, AZ 85340
View Photos (32)
Property Type: Residential
# of Bedrooms: 6
# of Bathrooms: 4
Approx Lot SqFt: 16078
Year Built: 2000
Subdivision: BEL FLEUR
City/Town Code: Litchfield Park
Description: Huge home in a beautiful gated community. Tile and wood flooring downstairs...
Status: Active
Last Updated: November - 23 - 2022
IDX
$599,900
40834 N 26TH Street, Cave Creek, AZ 85331
View Photos (20)
Property Type: Residential
# of Bedrooms: 4
# of Bathrooms: 2.5
Approx Lot SqFt: 110425
Year Built: 1996
Subdivision: Metes & Bounds
City/Town Code: Cave Creek
Description: Astounding mountain views await you in this adorable 4 bedroom 2.5 bath hom...
Status: Active
Last Updated: November - 23 - 2022
IDX
$599,000
10836 E SAHUARO Drive, Scottsdale, AZ 85259
View Photos (30)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Approx Lot SqFt: 6955
Year Built: 1983
Subdivision: PARADISE VISTA ESTATES
City/Town Code: Scottsdale
Description: Remodeled home with NO HOA in the heart of Scottsdale! 3 bed, 2 bath, over ...
Status: Active
Last Updated: November - 23 - 2022
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