According to a recent article in CNN Money, foreclosures are down 70% in Arizona. This is not a surprise, if you’ve been paying (even slight) attention to our market here in Phoenix. As a buyer, your choice of bank owned properties continues to dwindle here in Arizona, while there are still more short sales and growing numbers of traditional sales.
Foreclosure filings are continuing to drop across the United States. Year over year, foreclosures (actual bank repossessions) were down 26% last month and are currently at 50% of the peak in 2010. Foreclosure filings have dropped for the third straight month in a row. Foreclosure activity for April was down 5% as compared to March. Foreclosure activity includes notices of default, repossessions and scheduled auctions.