In 2008, foreclosures in America went up a record 81%. Yikes!
In fact, foreclosures exceeded 5% in 33 different counties all over the country – mainly in California and Florida.
Thankfully, those times are behind us. But foreclosures do still happen. Let’s take a look at some current numbers in Arizona.
Foreclosures: Where Are We Now?
Last month, we had 450 “Notice of Trustee” sales in Arizona. In other words, the bank notified 450 households that they were going to lose their homes. Is that a lot?
Actually, 450 is an extremely low number – a great indicator of a healthy market.
Another important question to ask is, How many trustee sales actually went through?
Out of those 450 houses, only 110 went through foreclosure. That means the remaining 340 homes were able to sort through their finances and keep their properties.
Overall conclusion? We’re in great shape. Very few people are losing their homes, and the real estate market is healthy.