Cromford Report on foreclosure activity for metro Phoenix and Scottsdale:
How many homes are in foreclosure in metro Phoenix and Scottsdale?
Most people would answer with all kinds of crazy numbers. Even economists can be all over the board. I went to the Cromford Report and found the answers. This company tracks how many new borrowers(families) go into foreclosure each month, how many total borrowers are in foreclosure, how many homes got foreclosed on last month and how many homes are owned by the banks.
I think the facts will surprise you! Doom and Gloomers, please fact check!
You will love this report. Watch the video. We are down to 20,000 borrowers in foreclosure valley wide. This is down from 40,000 a year ago and a high of 50,000 at the peak.
What does this mean? Well let’s look back to 2002. First, remember in 2002 there we 300,000 less homes here in the valley or metro Phoenix. In 2002, there were 9,000 borrowers in foreclosure. Wow, 9,000 with no crisis and today we are at 20,000. But the population of homes is about 25% larger today.
We have less homes going into foreclosure, less people behind on their mortgage, and less foreclosures. Sounds like the recipe for a recovery! This is why we are seeing bidding wars on homes and higher prices. I think we are about to see a bounce in the market! Mark my words!
This is Jeff Cameron and that’s my opinion!
Do you have questions?
Maybe about Short Sale?
call me at 480-502-7699
or
email at Jeff@TheCameronTeam.com
480-652-2004