Foreclosures in Maricopa County

There are so many articles the housing market. Many of them have misinformation. One in particular had a licensed Real Estate agent claiming that 90% of all homes that have a notice of trustee sale filed will end up back at the bank.

In following the market, I knew this statement was incorrect so I decided to contact my friends at Net Value Central. According to Dave Bignoli of Net Value Central, the real figures for all trustee sales filed between 1/1/2009 and 6/1/2010 are as follows:

Total Sales: 141,006
Still Active: 23,235 (16%)
Sold prior to Auction: 5,186 (4%)
Cancelled: 40,257 (29%)
Sold at Auction: 72,325 (51%)

When a home is sold at auction, the bank is not always the the winning bidder. Here is the breakdown:
- To Beneficiary: 54,008 (75% of sold at auction, 38% of filed foreclosures)
- To 3rd Party: 17,784 (25% of sold at auction, 13% of filed foreclosures)

As you can see, the 90% number reported is far from the truth. It is unfortunate that so much misinformation is being reported.

What happens to the homes that have notices filed and never make it to the sale? Many homes are being sold as a short sale before ever making it to the foreclosure sale. Many are being purchased by investors at the auction. Some are having success with loan mod.

Please visit Mohrhomes.com for more information.