Foreclosures, Rising Listings, and the Upcoming FED Meeting: What to Watch in the Phoenix Market
Foreclosures—a term we haven’t talked about much lately—are slowly creeping back into the conversation. I’ll cover that, along with an update on listings, buyer demand, and what to expect from the Federal Reserve’s upcoming meeting this week.
Foreclosures in Arizona: A Small Uptick
In Arizona, we have a “notice of trustee sale,” which serves as a warning before a property goes into foreclosure. If homeowners aren’t making their payments, they receive this notice, giving them 90 days to sell their property or catch up on payments before the foreclosure process begins.
According to the Cromford Report, there has been a slight uptick in pre-foreclosures, as seen in the graph below. However, the increase is so small that it’s almost insignificant. Today, we have a few hundred pre-foreclosures, but for context, back in 2010, Arizona had around 19,000 pre-foreclosures and short sale listings. The market currently doesn’t even have 19,000 total listings. While it’s worth watching, this increase in pre-foreclosures doesn’t indicate any immediate threat to the market.