Market Update March 24th, 2025

The number of pending foreclosures in Maricopa County has been gradually increasing, edging closer to the levels seen in 2020 before the pandemic disrupted the housing market. At the start of last year, there were 870 foreclosures pending. By the end of December, that number had climbed to 1,206, and it currently sits at approximately 1,300.

Although these figures are still low when compared to long-term historical data, they represent the highest level recorded since mid-2020. If the current pace continues, projections suggest the number of pending foreclosures could rise to somewhere between 1,500 and 1,700 by the end of the year. This steady increase reflects a slow return to pre-pandemic market conditions.

However, it’s important to maintain perspective. The pre-pandemic low in foreclosure filings was around 1,800, so even if we reach 1,700 later this year, we would still be slightly below that benchmark. This trend doesn’t necessarily indicate a crisis, but rather a normalization of the market as government assistance programs and mortgage forbearance options continue to wind down.

For context, during the height of the foreclosure crisis in 2009, Maricopa County saw more than 50,000 foreclosure filings. Compared to that period, today's numbers are significantly lower. So, while the increase is notable, there's no immediate cause for panic among those who bought or sold real estate after 2020.

"Quality is not an act, it is a habit."
-Aristotle

Have a great week, everyone!