PHOENIX — The Phoenix housing market is not only on the upswing, but it has almost returned to normal, according to one real estate expert.
“Things are pretty much looking good across the board, [in] both the Phoenix metro-area, as well as statewide,” said RealtyTrac’s Daren Blomquist.
In the July report, overall foreclosure activity across the state was down 36 percent compared to last year, with just over 2,000 properties with foreclosure filings.
For Arizona, July marked the 32nd consecutive month in a decrease of foreclosure filings, Blomquist said.
For foreclosures to be considered in the “normal” range — meaning before the housing bubble burst — less than 1 percent of all housing loans that are created will go into foreclosure. That means between 2,100 and 2,200 properties a month statewide.
Last month, there were 2,000 foreclosure filings across the state. In June, there were only 1,800.
Blomquist said with Arizona returning to normal, eventually the numbers will flatten out.
“We’re still seeing 30 percent decreases from a year ago in Phoenix foreclosure activity,” he explained. “I think, at some point, probably in the next six months, you’ll see that slow down to basically flatlining numbers…and that will engender a more stable market in Phoenix, even more than it is now.”