Although Arizona foreclosure numbers are lower today than last month, all of the attention on these homes worries most surrounding homeowners. From Inman News and according to RealtyTrac:
The rate of foreclosure filings retreated from the record rate of one filing for every 374 homes registered in April, to one filing per 398 homes.
In Arizona alone, 16,865 (1 in every 158) homes were filed upon; Compared to California’s 92,249 filings (or 1 in every 144 homes).
RealtyTrac (also) reported that notices of default and scheduled foreclosure auctions were both down from April to May, but that bank repossessions jumped 2 percent. The increase was largely attributable to “substantial increases” in real estate-owned properties (REOs) in Michigan, Arizona, Washington, Nevada, Oregon and New York, RealtyTrac said.
In addition to the foreclosure market (or bank owned properties as they are also known), the auction market yields opportunity. Homes that are being auctioned are widely sought after as noticed in our open house just last weekend. In a mere 5 hours, 75 people visited the property for a personal site inspections. On Sunday, another 56 people came through.
What does this mean? It means that prospective buyers are actively searching for specific homes. It means that websites like auction.com and foreclosure.com are available and widely searched. Searching through hundreds, perhaps even thousand of homes that meet your criteria, providing an opportunity to purchase a home that is specific to your requests.
- Looking for a home in a specific neighborhood?
- Looking for a home at a specific price?
- How about a 6 bedroom, 2 bath home with converted garage?
- or How about a home with more garages than bedrooms?
Of course, there are pros and cons in every situation. Timing, insurance, warranties, title are just a few of the areas that will need consideration. It is highly recommended that you speak with your REALTOR for more specific information.
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