The Foreclosure Crisis: 10 Years Later

The Foreclosure Crisis: 10 Years Later | Simplifying The Market

CoreLogic recently released a report entitled, United States Residential Foreclosure Crisis: 10 Years Later, in which they examined the years leading up to the crisis all the way through to present day.

With a peak in 2010 when nearly 1.2 million homes were foreclosed on, over 7.7 million families lost their homes throughout the entire foreclosure crisis.

Dr. Frank Nothaft, Chief Economist for CoreLogic, had this to say,

“The country experienced a wild ride in the mortgage market between 2008 and 2012, with the foreclosure peak occurring in 2010. As we look back over 10 years of the foreclosure crisis, we cannot ignore the connection between jobs and homeownership. A healthy economy is driven by jobs coupled with consumer confidence that usually leads to homeownership.”

Since the peak, foreclosures have been steadily on the decline by nearly 100,000 per year all the way through the end of 2016, as seen in the chart below.

The Foreclosure Crisis: 10 Years Later | Simplifying The Market

If this trend continues, the country will be back to 2005 levels by the end of 2017.

Underwater and Need to Move?

What should you do if you’re still underwater on your mortgage and you need to sell?   Even in today’s market, millions of homeowners across the country owe more on their mortgages than what their homes would actually sell for.  The Motley Fool  published some great tips for what to do with their article Underwater on Your Mortgage? Do This Now.  If none of these solutions work for you, check out my information and FAQs about selling your property with a short sale.

Bottom Line

As the economy continues to improve, and employment numbers increase, the number of completed foreclosures should continue to decrease.  Give me a call to discuss the current real estate market.  I’m happy to answer any questions – J.P. Cook – 602-320-4253.

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27643 N 113th Place Scottsdale, AZ 85262

$6,399,000
6 Beds
9 Baths
10,766 SqFt
Status Active
MLS # 6725873
Property Type Single Family Residence
Price Type --
Enter a world of luxury and sophistication with this breathtaking masterpiece of design. Nestled on nearly 4 acres of private gated land, this expansive home offers unparalleled elegance and exceptional amenities. The residence has 2 levels: the main level consists of a grand foyer entrance, a formal dining room, an office, a gourmet kitchen with eating area and an opulent great room with high ceilings. There is a private wing for the master suite with 2 master baths & closets! The opposite side has 4 bedrooms each with an ensuite & patio, there is a powder room plus a game room and bar area.The lower level features a large theater room and separate guest house with a bedroom, living area and kitchen. There is an elevator from the 8 car garage to easily access the main level. The outdoor living space is truly a personal oasis with a large covered patio, a stunning heated pool / spa featuring a swim up bar and water slide, full sized tennis court / basketball court, a ramada, a playground, lush landscaping and accent lighting. This estate is more than a home, it's a lifestyle designed for both grand entertaining and serene relaxation. Welcome to your new paradise! FYI: New roof, 3 new AC units, new wood flooring in all bedrooms and game room, there is a laundry room and also a W/D in one of the master closets - this home has it all!

5008 N Ascent Drive Scottsdale, AZ 85251

$6,395,000
4 Beds
4.5 Baths
4,604 SqFt
Status Active
MLS # 6787569
Property Type Single Family Residence
Price Type --
BRING YOUR BEST OFFER! This Home Has Unobstructed Views Of Camelback Mountain! Move-In Ready! New Construction. This magnificent property showcases the finest custom finishes & details throughout! This home features 4 bedrooms, 2 den, 4.5 baths, 4,604 SF, including a 3-car tandem garage. Walls of glass and exquisite lighting exhibit the beauty of all the rooms of this stunning home. The impressive entry provides both an elevator and stairwell leading you to the upper levels. While on the main living level, take in the captivating city views. The living room encompasses style and comfort with an exceptional sleek design fireplace, accompanied with glass shelves for your favorite accessories. The main kitchen provides custom cabinetry with ample storage, an additional hidden prep sink, top of the line appliances, invisacook induction cooktop which is seamlessly built in the kitchen island, and a substantial walk-in pantry. Adjacent is a private dining room with views to a beautiful outdoor water feature on one side and the other side displaying a 366-wine bottle (temperature controlled) illuminated custom glass cabinet. Enjoy your private moments and entertaining times from multiple patio areas on all the levels of this stunning and one-of-a-kind custom home. Each of the rooms feature a special view. The primary bedroom provides a wonderful bath area, two separate commode rooms, a large walk-in closet with its own washer/dryer/steamer and secret/safe room. From the main bedroom you have a dramatic, unobstructed backdrop of Camelback Mountain. This is the only home of its floor plan featuring two additional rooms as a den/office, meditation or speak easy room. Don't miss the opportunity to own this one and only, move-in ready (furnished or unfurnished), prime location and premium lot... located within the Iconic Phoenician Resort at The Estates at Ascent!

6587 N Palmeraie Boulevard Unit 2017 Paradise Valley, AZ 85253

$6,395,000
4 Beds
4.5 Baths
4,786 SqFt
Status Active
MLS # 6808014
Property Type Apartment
Price Type --
Situated in the heart of Paradise Valley, this luxurious corner 4 Bedroom villa at The Ritz-Carlton Residences redefines energetic elegance. The open concept living and dining spaces are bathed with natural light along with breathtaking views of surrounding mountains. There are 2 primary bedrooms, each featuring spa inspired retreat with a lavish soaking tub and private access to a serene outdoor shower experience. The kitchen is a chef's dream, equipped with Sub Zero Wolf Cove appliances, a walk in butler's pantry, and sleek island for entertaining. Step outside to one of the two private terraces to relax and take in the energy from the adjacent Palmeraie shopping and dining experience. With unparalleled amenities, including access to a Ritz-Carlton private clubhouse & concierge services

6821 E Cactus Wren Road Paradise Valley, AZ 85253

$6,395,000
4 Beds
6 Baths
5,600 SqFt
Status Active Under Contract
MLS # 6758713
Property Type Single Family Residence
Price Type --
BRAND NEW CONSTRUCTION w/IMMEDIATE MOVE-IN at AZURE. This is a RARE OPPORTUNITY to own a Residence 4 with a DETACHED CASITA & an OVERSIZED, 26' wide WALK-OUT LOWER LEVEL, the largest in the community, putting an exclamation point on the MULTIPLE OUTDOOR ENTERTAINMENT spaces. This PREMIUM LOT LOCATION is one of the largest in Azure giving you phenomenal UNOBSTRUCTED VIEWS of MUMMY AND CAMELBACK MOUNTAINS! Interiors have been EXPERTLY CURATED by Ownby Design as well as some UNIQUE DESIGN ELEMENTS by the seller not present in other Res 4's. From the MASSIVE GLASS WALL SLIDERS, GAGGENAU appliances & PROVENZA wood floors, to the HEATED pool & spa, BOCCE BALL court and CUSTOM LIGHT FIXTURES by Lightform, this home will not disappoint. And to top it all off, All builder WARRANTIES TRANSFER!

7568 N Mockingbird Lane Paradise Valley, AZ 85253

$6,390,000 - 6Br/7Ba -  for Sale in Metes And Bounds, Paradise Valley
Open House
$6,390,000
6 Beds
7 Baths
7,625 SqFt
Status Active
MLS # 6725714
Property Type Single Family Residence
Price Type --
Priced to sell! Mediterranean style home in a highly coveted part of Paradise Valley. Mother in law suite includes its own washer dryer and kitchen along with its own exit to the patio and garage. You're going to love spending time in this oversized master bedroom with spacious sitting area and coffee counter with refrigerator built in making for more convenient mornings. Master bathroom includes makeup area as well as free standing tub with beautiful views into your private backyard. Gorgeous resort style backyard includes gas fireplace that has never been used. Private office with wall to wall built in cabinets and shelves. Sound system has been installed in master, formal living area as well as formal dining area and family room! Pool and spa with roof deck makes sunset/mountain views in your backyard hard to resist. Home includes pantry/prep kitchen and movie theatre as well. House includes an additional room that can be used for flex, gym or yoga depending on your preference. Faux wood beams in the family room as well as dining area. Tesla Solar plus Tesla pack make for an energy efficient and easy to charge home. Too many additional features to list.

20406 E Sunset Court Queen Creek, AZ 85142

$6,300,000 - 9Br/10Ba -  for Sale in The Pecans, Queen Creek
New
$6,300,000
9 Beds
9.5 Baths
12,259 SqFt
Status Active
MLS # 6820309
Property Type Single Family Residence
Price Type --
Prepare to be captivated by a residence that redefines luxury living in the prestigious Pecans of Queen Creek. No home in the Southeast Valley rivals the grandeur and elegance of this architectural masterpiece. Nestled on a sprawling 1.38-acre double lot, this estate spans an impressive 12,259 sq. ft., including an 850 sq. ft. detached guest house, offering a total of 9 bedrooms and 9.5 bathrooms. From the moment you enter, you are greeted by French white oak floors and soaring ceilings that exude timeless sophistication. The heart of the home, a chef's dream kitchen, features state-of-the-art Thermador appliances, exquisite quartz countertops, and a spacious butler's pantry, making it both functional and breathtakingly beautiful. The primary suite is a sanctuary of its own, adorned with a Chicago brick ceiling that adds character and warmth. Indulge in the spa-like bathroom with dual vanities, a serene garden tub, and an expansive walk-in closet complete with its own private laundry facilities. Entertainment and comfort converge seamlessly with a cutting-edge 4D theater, an Elan8 smart home system, and an air-conditioned gym. Three separate laundry rooms ensure convenience for every corner of this vast home. The 5-car garage, equipped with a Tesla charger, caters to automotive enthusiasts. Step outside to your private resort. A 10.5' heated pool glistens under the Arizona sun, complemented by a sport court for active pursuits. The outdoor kitchen and fireplace create an idyllic setting for gatherings, while meticulously landscaped grounds provide a serene backdrop. Located within a gated community renowned for its tree-lined streets, parks, trails, and playgrounds, this estate offers unparalleled privacy, elegance, and modern convenience. This is not just a home; it's an experience, an unparalleled lifestyle waiting for its next discerning owner.

8124 E Paraiso Drive Scottsdale, AZ 85255

$6,250,000
5 Beds
5.5 Baths
7,045 SqFt
Status Active
MLS # 6813647
Property Type Single Family Residence
Price Type --
Home appraised over list price January 2025. Nestled on the 4th hole at Pinnacle Peak Country Club, this extraordinary home offers an unparalleled blend of luxury and design. The property boasts breathtaking, panoramic views of the McDowell Mountains and the surrounding fairways, creating a serene backdrop that feels like a private oasis. Completely reimagined in 2020, every inch of this home was crafted with meticulous attention to detail, sparing no expense to achieve the pinnacle of elegance and comfort. The main residence flows seamlessly into the outdoor spaces, offering an entertainer's dream at every turn. The expansive rooftop deck provides a stunning vantage point for sunset views over the golf course, with ample space for lounging or hosting guests in style. The outdoor lounge and kitchen area are designed to impress, with high-end finishes, a built-in barbecue, and ample seating to enjoy the Arizona climate year-roundan experience that rivals the finest resorts. Adding $500,000 in landscaping flawlessly compliments this no expense spared breathtaking home. Thoughtfully designed to enhance the natural beauty of the surroundings, the outdoor spaces flow effortlessly from one area to the next. Seven tungsten electric heaters keep the outdoor entertaining spaces warm in the winter months. Lush greenery, striking water & fire features, and custom lighting elevate the experience. The landscape design has garnered multiple awards for its innovation and seamless integration with the home's architecture, and both the interior and exterior have been featured in prestigious home magazines for their exceptional design. The casita, an intimate and beautifully designed retreat, is a standout feature. At 977 square feet, it redefines luxury living in smaller spaces with custom floor-to-ceiling cabinetry, offering an abundance of storage and elegance in every corner. Its size and craftsmanship make it feel more like a sprawling estate than a guest suite, with high-end appliances & stunning finishes to match the main home. Inside, the finishes throughout this estate are on par with a luxury penthouse in Las Vegas. An 882 bottle climate controlled custom wine cellar with backlit onyx and a hand crafted wood door frame accentuate the formal dinning area. Expansive windows flood the space with natural light, and designer touches that elevate every room. The living spaces are open and airy, with sleek lines, contemporary textures, and a modern yet timeless design that effortlessly combines style and comfort. Whether hosting an elegant dinner party or enjoying a quiet night at home, this residence delivers every possible luxury, offering an exceptional lifestyle in one of Scottsdale's most sought-after locations. Every detail, from the hand-selected materials to the innovative design, has been chosen to ensure the perfect balance of sophistication and livability. This is more than just a homeit's a statement.

36323 N 100th Way Scottsdale, AZ 85262

$6,250,000
5 Beds
6.5 Baths
5,444 SqFt
Status Active
MLS # 6752665
Property Type Single Family Residence
Price Type --
Brand New Custom Contemporary Home nearing completion on one of the nicest south-facing-fairway lots in the prestigious Mirabel Club community. GOLF MEMBERSHIP AVAILABLE w/ the purchase of this home subject to fees and application approval. All of the current state of the art finishes are coming together for this spectacular home. Finish book under the documents tab. Located on the 15th fairway boasting views of Pinnacle Peak, the McDowell's, sunsets & amazing city lights. The home has 4 bedrooms, plus media room/5th bedroom & 6.5 baths & an oversized 3 car garage large enough for 3 cars & a golf cart. No steps anywhere in house or backyard. Completion is scheduled for the early 2025, just in time to enjoy this season with a full golf membership. Listing agents are partners in the project

6862 E Joshua Tree Lane Paradise Valley, AZ 85253

$6,250,000
5 Beds
7 Baths
6,402 SqFt
Status Active
MLS # 6788715
Property Type Single Family Residence
Price Type --
Luxury living set in the quiet Azure Paradise Valley gated community. Blending modern and transitional architecture, this 2-story home features wood flooring and multiple windows and sliders providing natural lighting throughout each space. Chef's kitchen includes high end appliances, oversized island, multiple ovens, wine storage, and pantry. Primary suite with private access to the backyard and bathroom with freestanding bathtub, oversized shower, enclosed toilet, and dual vanities. Enjoy the best of Arizona's indoor/outdoor living in your backyard that features custom pool, above ground spa, built-in fireplace, covered patio, and expansive yard. Move-in ready, complete with interior elevator, detached guest quarters, and 3 car garage. Minutes away from Paradise Valley's top resorts, golf, dining, and shopping!

14705 E Redbird Road Scottsdale, AZ 85262

$6,250,000
8 Beds
5.5 Baths
7,608 SqFt
Status Active
MLS # 6758955
Property Type Single Family Residence
Price Type --
EQUESTRIAN LOVERS DREAM PROPERTY! THIS ONE CHECKS ALL THE BOXES! 10 ACRES, BACKS DIRECTLY TO THE PRESERVE, GORGEOUS CUSTOM 5000 SQUARE FOOT 3 BEDROOM 3.5 BATHROOM HOME, 275X150 ARENA, 3 BEAUTIFUL BARNS, 24 STALLS TOTAL AND FLY SYSTEM, 3 BEDROOM 2 BATH GUEST HOUSE, 2 BEDROOM 1 BATH CASITA, 40X40 AIR CONDITIONED SHOP/GARAGE, TACK ROOMS, ROUND PEN 6 TURN OUTS WITH SHADE AND SO MUCH MORE!!! COMPLETELY FENCED. THIS SALE INCLUDES PARCEL C AND D

13176 E Summit Drive Scottsdale, AZ 85259

$6,200,000
6 Beds
5 Baths
5,894 SqFt
Status Active
MLS # 6809970
Property Type Single Family Residence
Price Type --
Experience unparalleled modern living in this 6,000-square-foot architectural masterpiece by renowned architect Jeffrey H. Page. Nestled at the base of Scottsdale Mountain, this home features a unique floor plan with a central core leading to a gourmet kitchen, spacious living areas, and three bedrooms, including an upstairs master suite. Energy-efficient design elements, such as super-insulated walls to ensure comfort year-round. Additional highlights include a secluded meditation room, a sculptural desert office, a 1,300-square-foot guest house, a naturally cooled six-car underground garage, and a backyard oasis with a swimming pool and party patio. Don't miss the opportunity to own this exceptional blend of innovative design and desert living.

6322 E Turquoise Avenue Paradise Valley, AZ 85253

$6,200,000
4 Beds
7.5 Baths
6,365 SqFt
Status Active
MLS # 6792753
Property Type Single Family Residence
Price Type --
Welcome to 6322 E. Turquoise Avenue, Paradise Valley, AZ. A Masterpiece of French-Inspired Elegance and Unparalleled Luxury. Nestled in the prestigious heart of Paradise Valley. This masterpiece stands as a testament to timeless elegance & exquisite craftsmanship. This extraordinary estate blends French-inspired design with modern luxury, creating an enchanting haven where every detail has been thoughtfully curated to offer the ultimate living experience. From the Venetian plaster walls to the meticulously landscaped gardens, every aspect of this property exudes sophistication, making it a true sanctuary in one of Arizona's most coveted neighborhoods. As you enter this spectacular home, you are immediately welcomed by the beauty of Venetian plaster walls and ceilings, foyer chandelier that resembles a crystal bird cage, making the grand entrance a stage for the French-inspired charm that flows seamlessly throughout the residence. The home features Affinity custom cabinetry, tumbled travertine flooring with 8-inch tumbled baseboards, and rich wide plank walnut wood flooring, creating an ambiance of timeless beauty. Every room is designed to flow effortlessly into the next, with spaces that invite both intimate gatherings and grand entertaining. The living areas are bathed in natural light thanks to the expansive 5' pane-style windows in the main rooms and master bedroom, which provide stunning views of the lush, mature landscaping with incredible rose gardens. Whether you're relaxing with a good book or entertaining guests, these windows ensure the home is always filled with light and warmth. At the heart of the home lies the chef's kitchen, a true masterpiece of design and function. Two-tone, floor-to-ceiling custom cabinetry is complemented by beautiful marble countertops, and the space is outfitted with the finest Wolf and Sub-Zero appliances. Culinary enthusiasts will appreciate the convenience of dual Miele dishwashers, dual warming drawers, and a built-in ice maker, all designed to meet every culinary need. The six-burner gas cooktop is framed by a striking Cantera one-piece stone art deco design, which serves as a captivating focal point in the kitchen. Whether you're hosting a grand dinner or preparing a quiet meal for yourself, this kitchen provides both the functionality and the beauty that make cooking an art. The adjoining formal dining room and living area provide the perfect setting for entertaining. Both rooms are elegantly appointed with luxurious finishes, including tumbled travertine floors, intricate crown molding, and custom millwork. These spaces are designed to impress, with ample room for family gatherings or more formal affairs. For those who seek entertainment at home, the home theatre room is a showstopper. Featuring a 103 wall-mounted TV, a state-of-the-art sound system, and leather and fabric tiered seating, this space provides the perfect environment for movie nights, sports events, or private screenings. Whether hosting friends for a lively movie night or simply relaxing, this home theatre offers an exceptional experience. Owner's Suite: The owner's suite is a serene retreat designed to provide ultimate relaxation. With wide plank walnut wood flooring and limestone pillow-style tiles, this space radiates luxury and comfort. Wall portrait turns into a framed TV with a push of a button. Motorized, floor-to-ceiling custom blackout drapes by Christi Adams allow you to control the ambiance and privacy of the room at the touch of a button. The owner's bath is a sanctuary of indulgence, with radiant heated flooring, a one-of-a-kind 50-gallon Onyx tub, and a spacious double glass steam shower with bench seating. This spa-like environment offers the ultimate in relaxation and rejuvenation. A private owner's patio, complete with a tranquil water feature, offers the perfect setting for morning coffee or evening cocktails while enjoying the serene beauty of the surrounding gardens. The suite is further enhanced by the addition of a stacked washer and dryer, discreetly located for your convenience, providing the utmost privacy and practicality for everyday living. Outdoor Living: Step outside to experience a true outdoor oasis. The expansive patio area is designed for both relaxation and entertainment, featuring electric infrared heaters and misting systems that ensure comfort year-round. A saltwater pool and spa provide the perfect backdrop for outdoor lounging or entertaining, while the adjacent ramada with its outdoor kitchen offers an ideal space for al fresco dining. Equipped with stainless steel appliances, a Viking natural gas barbecue, ice maker and a Sub-Zero fridge, the outdoor kitchen allows you to host effortlessly. Ceiling heaters provide year-round comfort, making this the perfect space to enjoy your favorite games or relax by the stone-front fireplace with the built-in TV. The grounds offer a range of outdoor amenities that elevate the living experience. A beautifully landscaped rose garden provides a peaceful escape, while a dedicated area for playing cornhole or bocce ball ensures that fun and recreation are always within reach. For golf enthusiasts, the putting green adds a touch of sport to the idyllic setting, while a serene water pond with a stepping stone walkway invites you to explore the property and enjoy the tranquility of the surroundings. Additional Features: This exceptional estate offers numerous additional features designed for both convenience and luxury living. The wine room provides the perfect space for storing and displaying your collection, while the exercise room complete with a dry sauna ensures you can maintain a healthy lifestyle without leaving the comfort of home. The gated front courtyard, complete with a fireplace, offers an intimate space for greeting guests or enjoying quiet moments of reflection. Additionally, a private casita provides a secluded space for guests or staff, ensuring both privacy and comfort. With its blend of refined design, exceptional amenities, and an enviable location, this home offers a lifestyle that is second to none. This home provides the perfect balance of privacy and convenience, allowing you to enjoy the best of Paradise Valley, with world-class dining, shopping, and entertainment just moments away. A Lifestyle Beyond Compare: Every element of this extraordinary estate has been thoughtfully designed to provide a living experience that exceeds expectations. Whether you're enjoying quiet moments in the serene gardens, hosting friends in the expansive outdoor spaces, or indulging in the home's luxurious interiors, this residence offers a lifestyle that is unparalleled.

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