Foreclosures up in Phoenix area, but it’s no reason to worry, expert says
PHOENIX – Counter to the national trend, foreclosures were on the rise in the Phoenix area in the first half of the year.
But it’s no reason to worry.
There were more than 5,000 foreclosure filings — default notices, scheduled auctions or bank repossessions — in the Valley through June, a 5 percent increase from a year ago, according to a report released Thursday by ATTOM Data Solutions.
The good news? That’s just a fraction of the 74,000 foreclosures in the area during the worst times of the housing crisis a decade ago.
“We’re still well below the crisis levels … [compared] to the peak back in 2009,” Daren Blomquist, ATTOM senior vice president, told KTAR News 92. 3 FM.
Nationally, foreclosure filings were down 15 percent year over year.
The report looked at 219 metropolitan areas. Phoenix was one of 26 to see an increase.
While more Phoenix-area properties were under foreclosure in 2018 than a year ago, there were 9 percent fewer foreclosure starts so far.
“Forward looking, that is a good sign that we’re not seeing another wave of distress rising up in the Phoenix market,” Blomquist said.
Arizona was one of 22 states to see an increase in foreclosure starts, up 1 percent. Nationally, starts were down 8 percent.
KTAR News 92.3 FM’s Jeremy Foster contributed to this report.