Wednesday, November 19, 2008

Phoenix-area foreclosures and preforeclosures

October set a new record of 8,503 notices of trustee's sales in Maricopa County, of which 900 were duplicates of previous notices. The number of pending foreclosures has dropped, as Bank of America cancelled numerous foreclosures after acquiring Countrywide. 3,516 foreclosures were cancelled in October, about double September's rate.

At the end of October, there were 27,874 pending foreclosures in Maricopa County. (Back in the summer of 2005, the total inventory of homes for sale was around 5,000. Today it's around 50,000 34,000, which obviously has the potential to go much higher.)

Trustee's sales hit 4,587 in October, up from 4,378 in September.


UPDATE (November 26, 2008): Updated the inventory number to October 21, 2008, which is down from a peak of over 50,000, but which has been climbing back up from a recent low of just under 26,000 at the beginning of August 2008.

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