The foreclosure numbers are in for April 2014 and they show continued good news. The total number of Notices of Trustee Sale (for all property types) in Maricopa County amounted to 887. This is down 8% from March despite April containing 1 more working day than March. The rate per working day has dropped 12% from 46 to 40 over the last month. Last year at this time it was 84. The peak was 498. The last time we had this few notices was July 2006. The total count is lower than for April in any of the last 14 years except for 2005 and 2006.
For Trustee Deeds filed in Maricopa County we saw 453, which is a 20% drop from March and down 53% compared with 968 in April last year. We are back to the level of February 2007 and at similar levels to those seen in 2003.
The foreclosure tsunami is now well and truly over and the only remaining question is how low the numbers can go in the future given the improved delinquency rates we have seen over the past year.
The West Phoenix ZIP codes of 85031, 85033 and 85035 were once ravaged by the foreclosure wave. In January 2009 these three ZIP codes had a combined total of 937 lender owned single family homes active on ARMLS. Today there are 10. That is a 99% decline.