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.
