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We saw a big jump in the valley pre-foreclosure numbers for July. The numbers just released by Information Market, a real-estate research firm, shows July figures increased a whopping 33%. There were 7,800 notice of trustee sales issued in July compared to 5,800 in June, that’s the biggest increase that we have seen in over a year. It normally takes about six months for pre-foreclosure filings to effect the actual foreclosure market. Why the big increase? Could be due too several factors. More homeowners could be doing a “strategic foreclosure” and simply walking away even though than CAN afford the monthly payment. Some of it could be partially due to the new illegal immigration law and undocumented residents are leaving the state. And some of this could be due too lenders dumping more of their “shadow inventory”. We will see over the next few months how this may or may not effect the Phoenix real estate market as far as prices go. Actual foreclosure filings increased somewhat in July also. Actual Phoenix foreclosures remained fairly static as the valley saw 4,650 foreclosures in July compared to 4,600 in June. Stay tuned for future Phoenix real estate market updates. Lets hope that these increased numbers have a minimal effect on our already “battered” Phoenix real estate market!
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