Scheduled foreclosures.

In Arizona, the foreclosure process is as follows: First, an NTR (notice of trustee sale) is filed. This notice cannot be filed until the homeowner is 90 days late on a mortgage, and must precede the actual foreclosure by 90 days. I have been tracking the number of homes with an active filed NTR in several zip codes for the past several months. These are the homes that could be foreclosed on in the next 90 days. However, most of them are not foreclosed on presently, most have the sale delayed for one reason or another. If the home is short sold, the sale is canceled, and it would disappear from my list. The foreclosure crisis will end someday, and when it is nearing an end seems to me to likely be a very good time to consider buying a home. After all, when there are lots of foreclosures, this distressed inventory pushes home prices down. So, I track this data to see how things are going in the zip codes I like: does the information imply that we are nearing the end of foreclosures? Well, here is the data:

_________85254     85282     85258     85255     85260     total
1/25/2010    470            309          201        457          322       1759
2/25/2010    478            324          210        475          328       1815
3/25/2010     468           313          227        478          313        1799
4/25/2010     485           323         206        511           327        1852

As you can see, the data are trending upwards. In fact, over just 3 months, we find 5% more active foreclosures in process. This is despite all of the attempted loan modifications and short sales! So, nothing in this data presently indicates to me any reason to hurry and buy a home in any of these zips. In previous posts, I talked about the end of home buying credits, and national trends of non paying mortgages.

I hope you find this information useful! If you do, please consider me for your future home buying and selling needs.

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About robertoaribas

Math professor, Realtor. 12 years of buying, selling, investing and managing rental properties. rock-climbing and salsa dancing. robertoaribas@gmail.com
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4 Responses to Scheduled foreclosures.

  1. Sean says:

    We’ve been looking and trying to hold off buying a house for months. I curious where you got the data for the zip codes you’re looking at. Heck, if you don’t mind, please shoot me a comment or an email for Baton Rouge LA. Keep up the site!

  2. I wish I could help, but i don’t really have any idea how to find the data out of my county! I’ll post a request on a few real estate blogs to try to find someone.

  3. Sean says:

    Thanks, I would appreciate it. I was going to buy a house, but I kept looking at the numbers and it just didn’t seem right. We’ve decided to rent. I’m actually surprised at what a person can get for rentals right now.

  4. Teodor says:

    Hi, I was asking my agent to give me some databases about the inventories or whatever and they declined to do so or may be they have no idea what I was talking. Then I posted a question atzeillow to tell me if I could access thier database. and that led me to your blog which by the way I like. I see that you do not have data about other counties. However where did you look for data in your county? I live in NJ area code 07506

    Thanks

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