Though there are still advertisements saying thousands of lender-owned properties are going to flood the market, that is definitely not the case for the Greater Phoenix market. Sure, there was a flood of cheap properties at one point in time, but that time has passed.Lenders took title to 4,203 single-family properties at foreclosure auctions in Phoenix back in 2009 but in June 2013, that number has dropped to 278.
Four years ago, in 2009, 86,315 single-family properties in Greater Phoenix went into the foreclosure process leading to a flood of property “dumping”. In the first six months of 2013, only 8,776 properties went into foreclosure.
Although the distressed property market will be with Greater Phoenix for a while, it will be very mild in comparison to where we were 7 years ago. Read this article for statistics about different distressed property categories and predictions for the future based on what we’re seeing now.
So no housing bubble here….at least not at the distressed property level!!!