Arizona foreclosures are up, but still well below pre-pandemic normal

The end of the federal foreclosure moratorium has seen an increase in the number of homes being foreclosed nationwide, and Arizona is part of a trend of rising numbers across the state.

The number of cases going through some stage of foreclosure proceedings in Arizona is up 188% from the same time last year, according to a report by real estate data firm Attom Data Solutions.

This compares to the national average of about 143%.

In Pima County, the numbers are much higher, a 363% increase.

But Atom executives said the number of foreclosures remained at 50-60% of pre-pandemic levels.

“It will take at least the remainder of this year, and possibly 2023, for foreclosure levels to return to a normal healthy housing market,” said Rick Sharga, executive vice president of market intelligence.

He added that the number of cases is likely to remain high all the while as homes that have already been seized, or would have been seized without the moratorium, are brought to court. .

“We are seeing backlogs of loans that were already in trouble before the pandemic reentering the foreclosure process.”

Sharga said 90% of foreclosed borrowers have some level of equity in their homes, so people in foreclosures should contact real estate professionals to get their property up for auction rather than auction it off. He said that the possibility of selling should be explored.

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