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The wave of foreclosures Arizona homeowners have seen since the recent years past  is subsiding to normal levels, but the Phoenix housing shortage could keep potential buyers away from
their dream homes for a while. 

New foreclosures are down 65 percent from a year ago. The number of completed
foreclosures is down 50 percent from May 2012. 

Since 2006, approximately 300,000 homes have gone through the foreclosure process or short sale process in the Phoenix real estate market.. So we are beginning to come off the wave that has kept our home values down.

This is a hard time for buyers right now as they watch as interest rates climb as well as home values. Many Phoenix home buyers are looking to get the best deal possible and with low inventory we see multiple offers on homes and offers over asking price. 

Mortgage lenders are looking for near perfect credit scores for buyers as they don't want a repeat of the frenzy in 2005-2007. There are many credit repair companies out there to help Phoenix home buyers repair their credit. Do your due diligence and ask around for good reputable companies.

 


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