A drop in mortgage delinquencies equals a drop in foreclosures, and the number of mortgage delinquencies in Scottsdale is plummeting. Scottsdale foreclosures are becoming few and far between. The Arizona market has shown significant improvements as far as mortgage problems go, more so than in other states.
The mortgage delinquency rate in Arizona took a sharp decline from April to June of this year according to credit bureau TransUnion. The rate has gone from 6.14 percent in 2012 to 3.58 percent. Arizona has had the biggest overall drop in the number of mortgage loans over 60 days delinquent than any other state for the fourth consecutive quarter.
Arizona’s delinquency rate is now also half a percentage point below the national average, which has dropped, less dramatically, from 5.49 percent to 4.09 percent.
Tim Martin of TransUnion notes a number of causes for the market’s continuing recovery. According to Martin, rising home prices and low interest rates have caused the number of Scottsdale foreclosures to plunge, helping homeowners refinance or even sell homes they were having difficulty affording. Though climbing interest rates are expected to slow down the process, the market will continue to improve throughout 2013.
Don’t miss your chance to purchase a Scottsdale home while the market is in the middle of its upturn. You may even find a few remaining deals on Scottsdale foreclosures.
To keep track of current trends in the market, visit our Scottsdale real estate trends page. To schedule a showing of any homes for sale, give me a call at (602) 791-0536, or contact me via email at Carmen@TopScottsdaleHomes.com.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260