CRR Blog

Foreclosure market is heating up; compare year over year for April activity

Here is a YOY comparison of new NOD & NTS for the month of April. Notice the new Notice of Default filings keep growing. Historically about 56% of the new NOD's progress to NTS. These new NOD's and NTS filings present an opportunity to reach out and make the owner an offer to purchase their property. You can open Escrow and obtain standard financing purchasing this way. This is a win win situation, as the owner is able to sell the property before the foreclosure sale and you get a great deal on a property and don't necessarily have to battle it out with 20 other prospective buyers!

Check out foreclosure stats for SoCal...the #'s are climbing. New Arizona foreclosures highest since March 2020

Foreclosure starts are up. Below is a quick comparison of some of the local counties in SoCal.The servicing rule the CFPB put in place last August expired in December, which is why we're seeing a big increase in new foreclosures (new Noticed of Default being filed).

In CA, Notices of Default in January were up 89% from January 2021, and in February were up 96% from February 2021.

Arizona foreclosures are up dramatically. In Maricopa County, we added 437 new Notices of Trustee Sale in February, the highest monthly number since March 2020 (489). In Arizona as a whole, we added 701 new Notices of Trustee sale in February, again the highest monthly number since March 2020 (940). Now is the time to go out and start making offers.

AZ foreclosures setting post pandemic records. Maricopa County is at highest levels since April 2020

In AZ, Notices of Trustee sale have been rapidly increasing.

There were 204 new NTS in Maricopa County last month...the highest since April of 2020, and so far this month we've already added another 174!!

The wave is are you going to paddle out and ride it in, or are you going to wait too long and get crushed by it? Had to go there...we are after all based in Huntington Beach 🙂

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