Scottsdale market trends are showing a definite decline in foreclosures. In fact foreclosures in Scottsdale are becoming pretty rare.
The rates of foreclosure in Scottsdale and across the Valley have plummeted in the last year as the market’s recovery gains speed. According to data from CoreLogic, the Phoenix foreclosure rate is down a dramatic 62 percent, leaving just over 1 percent of mortgages Valleywide in some stage of foreclosure as of May.
Similarly, Arizona State University reported that in May, the number of foreclosure starts in Phoenix was at 1,639, a significant improvement from just a few years ago. As recently as March 2009, the number of foreclosure starts in Phoenix was well over 10,000.
The fall in Scottsdale foreclosures is directly tied to Valley homeowners’ increasing ability to pay their mortgages. CoreLogic found that only 3.2 percent of homeowners were underwater on their mortgages, compared to a rate nearly double that in 2012. The Phoenix delinquency rate is also 2.43 percentage points below the national average, which showed only slight drop from last year.
Want to stay up-to-date on the state of the market? Check-in regularly with our Scottsdale current market trends page. Find Scottsdale foreclosures for sale using our simple browsing options. To schedule a private tour of any Troon real estate for sale, call me at (602) 791-0536 or send an email to Carmen@TopScottsdaleHomes.com.
Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
(602) 791-0536
Carmen@TopScottsdaleHomes.com
www.TroonRealEstate.com
Voted in the Top 3 Realtors in Arizona, by the readers of Ranking Arizona Magazine, 2015-2025. Her background as an Attorney gives her special expertise with contracts and negotiations. Carmen has a proven track record of success with buyers and sellers in Scottsdale.
