The numbers are in: foreclosures in Phoenix were the lowest in February 2015 than they have been since 2006! That speaks volumes with regard to the local real estate market's recovery.
Metro Phoenix foreclosures totaled 337 in January and 303 in February, according to the Arizona Regional Multiple Listing Service (ARMLS.) At this level, foreclosures have decreased to numbers that we saw in 2007, which were reported at 348 for the month of January in that year when, from there, they began a steep climb that resulted in over 5000+ foreclosures a month in 2009. (The housing market peaked in late 2006.)
This is great news and paints a positive picture of where Phoenix’s real estate market is headed.
In the national foreclosure market, we are also seeing a number of positive signs. Core Logic's Chief Economist reported last week that: 1) the current national serious delinquency rate is the lowest since mid-2008, 2) foreclosures are down nationally by 33.3% from this time last year, and 3) economic growth in 2015 is expected to be better than last year. This is a formula for further declines in both delinquencies and foreclosures in 2015.