By Mike Bodeen · 28 February 2022
The shortest calendar month of the year closes today and we’re expecting temps in the low 80’s! Good Day Arizona! Chamber of Commerce weather is upon us – at least for a few days.
Well let’s start with a warning. You may see the local news shortly report on news that sells: Yes, that news, in their mind, bad news. Here’s the headline:
Maricopa County Pending Foreclosures Rise 51% in One Month!
True? Yes. Per our impeccable reporting source, the Cromford Report, there are currently 737 pending foreclosures in the county. Last month there were 488 that were pending. That is indeed a 51% increase.
Here’s the non-spin: For some perspective, please observe the following chart including our lowest ever foreclosures – last month. I’ve also included our highest pending foreclosures on record in the county going back to the grossly memorable year of 2009 where we had over 51,000 pending foreclosures! The last year and year to date are at the very bottom
I’ve also included a more or less average year reflecting the long-term average number of pending foreclosures in 2007. That 20 year average is 10,786, per Cromford.
Will these pending foreclosures go to foreclosure sale? Some will. Most not. The worst-case scenario for most of these owners is that they will sell the home and put cash in their pocket due to the amount of equity gained by recent appreciation.
The danger for these homeowners is that they may feel like they have to yield to an immediate low-ball offer from investors to buy their home. We cannot stress enough for sellers to get 2-3 opinions from “reputable” and “experienced” Realtor professionals. Hey, that would be us😉!
Sarah Bodeen Joins the Team!
Congratulations to our own Sarah Bodeen, wife of Jonathan for passing Arizona’s real estate exam and joining our team. Only a few weeks on the job and she’s already got her first listing appointment!
Bodeen Team Receives Double Diamond 5% Award
Jonathan and Sarah recently attended a gala awards dinner with HomeSmart receiving HomeSmart’s “Double Diamond Award” for himself and our team as a top 5% producer! HomeSmart is an amazing company – the largest and highest producing real estate firm in the Valley and Arizona. Just in the Phoenix Metro area, alone, we have 12 offices and 7500 agents, plus over 25,000 nationally!
Market data referenced in this article comes from The Cromford Report.