An overall decrease in foreclosure activity throughout the Phoenix housing market is one of the strongest indicators that a full recovery is now underway. It is also one of the reasons why the upswing is expected to last, since many homeowners are discovering short sales as a smart alternative to foreclosure thanks to new federally-mandated programs that resulted from a bank settlement earlier in the year. The latest report issued by CoreLogic reported that foreclosure activity in the greater Phoenix area declined at a rate that outpaced the nation this summer. The numbers of foreclosures by Phoenix home owners dropped by 39% from last July, when the foreclosure rate reached 3.57%.
Arizona is quickly emerging as leader in the nationwide housing recovery, and housing market prices are beginning to stabilize. This means that the timing is perfect to consider a purchase of Phoenix real estate. Favorable lending conditions and an overall upswing in economic growth in the area also contribute to the quickly improving local market.
The recent CoreLogic report showed that mortgage delinquency rates are declining throughout the Phoenix metro area as the housing market picks up. This is another factor that has contributed to the decline in foreclosures. Thanks to a strong local economy, and significant growth in important industries that have become major employers in the area, Phoenix home owners have done a better job of making mortgage payments on time than home owners nationwide.
If you'd like to learn more about short sales and foreclosures within the Phoenix area, I'd love to help you understand what each type of purchase entails. Please don't hesitate to let me know if you need any guidance as you continue your search for your next Phoenix home.