Scottsdale Foreclosures Down Substantially

Foreclosures for sale in Troon are becoming pretty rare.

The rates of foreclosure in Troon North, Scottsdale and across the Valley have plummeted in the last year as the market’s recovery gains speed. According to data from CoreLogic, the Phoenix foreclosure rate is down a dramatic 62 percent, leaving just over 1 percent of mortgages Valleywide in some stage of foreclosure as of May.

Similarly, Arizona State University reported that in May, the number of foreclosure starts in Phoenix was at 1,639, a significant improvement from just a few years ago. As recently as March 2009, the number of foreclosure starts in Phoenix was well over 10,000.

The fall in foreclosure rates is directly tied to Valley homeowners’ increasing ability to pay their mortgages. CoreLogic found that only 3.2 percent of homeowners were underwater on their mortgages, compared to a rate nearly double that in 2012. The Phoenix delinquency rate is also 2.43 percentage points below the national average, which showed only slight drop from last year.

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