Arizona Home Delinquency Rates Keep Dropping – Down to 3.3%

9.6% of Loans However Remain Underwater 

     Homeowners with mortgages in Arizona have increasingly been improving their delinquency level which is defined as having a late payment, but not having a Notice of Foreclosure action recorded against it. As you can see from the chart below there has been a continuous downward (positive) trend which has now ranked Arizona being better off than most other states in this category.

  • March 2010 = 11.3%
  • March 2011 = 8.6%
  • March 2012 = 6.1%
  • March 2013 = 4.9%
  • March 2014 = 3.8%
  • March 2015 = 3.3%

 

Other positive news in our local post-distressed economic climate is that Lender Owned Homes:

  • make up 1.9% of current listings vs 4.8% in 2013
  • make up 4.9% of Pending Listings vs 12.2% in 2013
  • make up 3.6% of monthly sales vs 10.4% in 2013

 

And Pre-Foreclosure homes (Notice of Pending Foreclosure) versus two years ago have also improved in that:

Pre-Foreclosure homes are now 5.1% of active listings vs 14.9% in 2013

  • Pre-Foreclosure homes are now 7.9% of Pending Listings vs 26.2% in 2013
  • Pre-Foreclosure homes are now 3.1% of Monthly sales vs 12.4% in 2013

 

On the not-so-good part of all this is that 9.6% of Arizona homeowners with a mortgage owe more on their home than its value. This number has been continually improving, but is still too high.

As values increase and the economy strengthens, these numbers will continue to drop. Eleven other states are worse off than Arizona with Florida leading the pack at 15.1%.

These statistics have been provided via Michael Orr of the Cromford Report via The Black Knight Financial Services.

 

     – Mike Bodeen