Foreclosure rates in the NE Phoenix metro
This past weekend, I had a question from a potential client about "another wave" of foreclosures. This concept has been discussed quite a bit over the past few years. There is a lot of debate about whether it exists or in what form. The current reality is that inventory levels have dropped significantly and if there was a large backlog of already foreclosed homes, then we would be seeing more released for sale. All the major players say they do not have inventory sitting. Another aspect is the number of properties that are in default that should have been foreclosed on and haven't been. That number is probably the more likely thing that most people are hearing about.
I did a little research today on the foreclosure rates over the past 3 months in the NE valley. N. Scottsdale overall has the lowest percentage of homes in foreclosure (Notice of Trustee Sale filed, but still waiting for auction), along with Paradise Valley. Overall NE Phoenix and Scottsdale are in better shape that most areas of the Valley.
Since each zip code has a different number of homes, it makes more sense to provide the actual percentage of homes in foreclosure than the actual number of foreclosures. This number reflects a rolling average covering the last 3 months and is only for single family detached homes.
Northeast Phoenix zip codes:
The hardest hit areas of the Phoenix metro are primarily in the SW, including areas of SW Phoenix, Laveen and Tolleson. These have rates over 5%.
Adam Tarr PC
Citywide Real Estate