Arizona Battles Back From Foreclosure Epidemic
Over the last several years, Arizona has battled back from a serious foreclosure epidemic following the housing crash.
Daren Blomquist is senior vice president at ATTOM Data Solutions based in Irvine, California. He said rates of foreclosures in Arizona for the third quarter of 2017 continue to stabilize statewide.
“For a state that about seven to eight years ago was consistently in the top five for foreclosures rates, Arizona is performing very well. You have a foreclosure rate that’s below the national average which is really counter to what we were seeing in Arizona," he said.
Arizona currently ranks 23rd in the nation in home foreclosures.
Blomquist said some level of foreclosure activity is always going to be present in any housing market, “but we’re at a level of activity that is called healthy.”
Part of the reason the risk in the housing market is nominal, according to Blomquist is that year-over-year housing prices in the state are only increasing about 6 to 8 percent.
He cautioned, however, there is some indication the pendulum is swinging back toward looser lending standards.
“Hopefully not as far as the pendulum swung about 10 years ago when we were seeing the ‘no doc,' so called ‘liars loans’ taking place that really introduced way too much risk into the housing market," he said.