By Megan Hopkins | Housingwire
Lenders took title to 4,203 single-family properties at foreclosure auctions in Phoenix back in 2009. Fast forward to June 2013, and that number has plummeted to 278.
There are still advertisements saying thousands of lender-owned properties are going to flood the market, just not the Greater Phoenix market. Sure, there was a flood of cheap properties at one point in time, but that time has passed.
Four years ago, in 2009, 86,315 single-family properties in Greater Phoenix went into the foreclosure process leading to a property dumping. In the first six months of 2013, only 8,776 properties went into foreclosure.
Although the distressed property market will be with Greater Phoenix for a while, it will be very mild in comparison to where the sand state was.
