June 26 - Back in 2008 everybody was focused on foreclosures,, but in 2021 I have yet to get a single question about them.
We still maintain the foreclosure database and the REO inventory, but there is precious little going on. Despite speculation that the COVID-19 pandemic would lead to increasing numbers of homes going into foreclosure, all that has happened so far is that the number of pending foreclosures in Maricopa County has dropped from 1,238 a year ago to just 611 today. This is close to an all-time low since we started measuring in 2002.
For comparison, the number of pending foreclosures for this week in June was:
The current count of 611 is so low that even if we saw a ten-fold increase in foreclosures, it would still be considered normal, not excessive.
If there is anyone still interested, the pending foreclosure chart is here.