Phoenix can take comfort, I guess, that the foreclosures in some other markets are worse:
More than 4,000 notice of trustees sales, the first step in the home foreclosure process, were recorded in Maricopa County in March, but the area is not facing a crisis, according to Default Research.
The Mt. Pleasant, Pa., firm also reported Wednesday that 2 percent of Maricopa County households and 1 percent of Pima County homes were involved in some stage of the foreclosure process. That’s up 35 percent from February and 200 percent from the previous year.
"Home inventories are continuing to rise and prices are declining, so there is still some more time before the Phoenix area market bottoms out," said Serdar Bankaci, founder of Default Research. "Compared to other areas we cover, the Phoenix foreclosure situation is not at a crisis level because, in some of those areas, foreclosure figures are in the double digits."
