The Phoenix real estate market is shifting, with an uptick in foreclosures and a noticeable decline in buyer interest. We’re officially moving into a buyer’s market, so let’s dive into what this means for Phoenix’s housing landscape.
Foreclosures on the Rise
Foreclosures are always a hot topic, and in Phoenix, they are indeed on the rise, though the increase is still moderate. Here’s the latest data: In October, there were 416 notices of trustee sales and 55 actual trustee sales in Maricopa County. For context, Arizona’s process includes a 90-day notice of trustee sale, allowing homeowners time to either sell or catch up on payments before foreclosure. This October, 416 homeowners received these notices, meaning they were behind on payments, while 55 went into foreclosure, resulting in trustee sales.
The Cromford Report flagged this rise as significant. In September, there were 304 notices of trustee sales, which has now jumped to 416 in October. Since 2021, we’ve seen slightly higher numbers of these notices compared to the minimal foreclosure activity during 2020 and 2021. Back then, a hot market, buyer demand, and forbearance policies kept foreclosures unusually low. Currently, while we are seeing more foreclosures, these numbers are still lower than pre-2020 levels.