In the Phoenix and Scottsdale areas, mortgage delinquencies continue to fall, and the Phoenix foreclosure rate is steadily dropping. Improvements shown in February from the previous year’s rates are evidence that both the Scottsdale real estate market and that of the greater Phoenix area are indeed stabilizing.
According to figures from CoreLogic, the Phoenix foreclosure rate was 1.31% in February, compared to last year’s 2.98%. It has dropped below the national rate of 2.85%. As I have mentioned previously, the mortgage delinquency rate throughout Arizona has also been steadily dropping. In Phoenix, the percentage of mortgage loans more than 90 days delinquent was at 4.07% in February, while the year before, the rate was 6.99%. This has translated into a sizeable drop in the Phoenix foreclosure rate. In April, the mortgage delinquency rate in Arizona had dropped to 5.18%.
Though the number of Scottsdale foreclosures for sale is falling, you may still find a great foreclosure deal out there. However, these deals will not last, and the market is on a quick recovery. You can keep up with the latest information on Scottsdale AZ real estate by visiting our Current Market Trends page. Feel free to call Carmen at (602) 791-0536, or shoot her an email at Carmen@TopScottsdaleHomes.com if you are interested in viewing any Scottsdale real estate for sale.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260