Defaults on second mortgages and a rise in actions outisde of recorded legal documents and trustee sales could be driving a new rise in foreclosures both in Phoenix and Arizona as whole, according to RealtyTrac Vice President Daren Blomquist.
RealtyTrac reported a marked increase in foreclosures locally and statewide in January compared to both a month and year earlier.
That sparked blow-back from the local real estate industry and other housing market trackers, including Arizona State University economist Michael Orr. They contend foreclosures are actually down — and the RealtyTrac numbers are off.
Orr even points to a regional data sets showing foreclosure activity last month was the lowest since February 2007.