Beware of reporters who post articles like this saying things are working… the moratorium itself is creating this inflated bubble of hope… 2 more waves of foreclosures loom on the horizon. ~Erika
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Drop in metro Phoenix foreclosures

Valley foreclosures and pre-foreclosures both fell in April, while the number of foreclosure cancellations climbed. All good indicators for the housing market as long as they continue.

Trustee notices, or pre foreclosures, fell to 9,092 in April from 10,689 in March, reports data research firm Information Market.


Actual foreclosures, trustee deeds, fell to 3,103 last month from March’s 3,377. Cancellations fell by 500 in April to 2,668.

Also, fewer foreclosures are going back to the lender, which could signal more short sales going through and investors buying homes at trustee auctions. About 89 percent of Valley foreclosures went back to the lender in April. In March and for most of the past year, about 95 percent of all foreclosures have gone back to the lender.

The extension of big lender moratoriums on foreclosures and the federal push for more loan modifications are likely both working. But lenders could also be holding back some foreclosure properties so they don’t flood the market again and push prices farther down.

Auction house REDC had an auction last week for almost 200 Valley foreclosure homes. The opening bids started as low as $500 on some properties in Phoenix’s 85006 ZIP code.

Tom Ruff, Information Market’s analyst, said its possible foreclosures could climb again this month or in June.
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Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!