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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1575 S 155th Street Gilbert, AZ 85296

$3,200,000
5 Beds
7 Baths
5,667 SqFt
Status Active
MLS # 6754626
Property Type Single Family Residence
Price Type --
Luxurious newly built & professionally designed masterpiece! This stunning home offers 5 generously sized bedrooms & 7 exquisite bathrooms, including a unique bedroom w/ a private outside entrance, perfect for guests/extended family. The state-of-the-art kitchen is a culinary dream, featuring top-of-the-line Wolf & Sub-Zero appliances, complemented by elegant finishes & ample counter space. A dedicated teen room adds versatility, while foam insulation ensures exceptional energy efficiency. Step outside to your own private oasis, complete w/ two sophisticated firepits, a sprawling pool & a rejuvenating spa. The meticulously landscaped front & back yards create a seamless blend of beauty & functionality. Located near major roads & highways, this home offers easy access to key amenities. Enjoy proximity to vibrant downtown Gilbert, renowned for its dining, shopping & entertainment options. Additionally, nearby facilities include top-rated schools, scenic parks & recreational areas. This residence combines opulence w/ convenience, making it the ultimate retreat for both entertaining & relaxing.

26782 N Donna Place San Tan Valley, AZ 85144

$3,200,000
3 Beds
2 Baths
2,577 SqFt
Status Active
MLS # 6679447
Property Type Single Family Residence
Price Type --
Some properties have to be seen to be believed. Welcome to The Arthouse, the Valley's best kept secret. Having operated as a luxury destination wedding venue in recent years, this home presents an exceedingly rare opportunity to enjoy modern living among natural, undisturbed desert. Winding desert roads scattered with saguaro cacti and picturesque mountain views lead you through San Tan Mountain Regional Park, to a property where peace, calm and serenity envelop all who enter. At this one-of-a-kind retreat, the current stewards have lovingly and carefully crafted every inch of this property's 3.3+ acres to maximize desert dwelling in a secluded setting surrounded by untouched state park land - offering privacy that no other property in the Phoenix metro area can come close to. Each evening, painted skies abound for you to enjoy sunset from the wraparound deck - this property has been designed for those who simply cannot compromise on the joys of outdoor living. The interior of the home is the ideal blend of comfort and cozy with a South Western twist. Prepare meals in the gourmet kitchen - complete with butcher block island, modern cabinetry and farmhouse-style sink. The exclusive owner's retreat will rejuvenate your soul - gas fireplace and soaking tub. In addition to the main home, don't miss the separate suite plumbed for a bathroom with it's own private entrance, which has in recent history served as a bridal suite. You will not find a home that soothes you in a way that The Arthouse does, while offering all the indulgences of modern living.

25505 N 114th Street Scottsdale, AZ 85255

$3,200,000
4 Beds
4.5 Baths
4,113 SqFt
Status Active
MLS # 6565469
Property Type Single Family Residence
Price Type --
New custom coming in Troon Mountain Estates! This gorgeous, soft contemporary home to-be-built has approximately 4113 square feet, 4 bedrooms, 4.5 baths, including a 679 square foot one bedroom/one bath separate casita, plus an open kitchen with butler's pantry, a great room, game room/den and walls of glass overlooking spectacular views of the McDowells, 4 Peaks and city lights from the top of a 20,000+ sf lot in gated Troon Mountain Estates. The main house is all on one level/no stairs, including the 3 car garage, except for steps down to the casita, infinity pool and spa.

5020 E Pershing Avenue Scottsdale, AZ 85254

$3,200,000
4 Beds
4.5 Baths
4,400 SqFt
Status Active
MLS # 6780704
Property Type Single Family Residence
Price Type --
Discover luxury living in this impeccably upgraded home! The wide open floor plan seamlessly blends into the chef's kitchen featuring Wolf appliances, beautiful cabinetry & quartz counters- PERFECT FOR ENTERTAINING. Retreat to the sprawling master suite offering a soaking tub, double sinks, and a massive closet with a vanity. Step outside to the resort-style backyard oasis with a sparkling pool, gazebo, large covered patio with misters & huge grassy play area. Additional highlights include a separate workshop, 4-car garage, private bar area with a climate-controlled wine room, & a massive game room for endless entertainment possibilities! Sunburst Farms is a wonderful Scottsdale community located near Kierland shopping and entertainment, excellent golf courses & A+ schools. A MUST SEE!

30424 N 148th Street Scottsdale, AZ 85262

$3,200,000
5 Beds
4.5 Baths
3,904 SqFt
Status Active Under Contract
MLS # 6776961
Property Type Single Family Residence
Price Type --
Stunning Equestrian Estate with Guest House nestled on a sprawling 10 Acre property in the serene landscape a short distance from the Tonto National Forest. This property offers an exceptional blend of modern comfort, views, and exceptional Equestrian facilities. This 3bedroom, 2.5 bath home with open floorplan, showcases a chef's kitchen featuring a gas range, granite counters, custom cabinetry, newer microwave and dishwasher. Master split to one side with direct access to rear patio, two additional spacious bedrooms. Large Greatroom with Gas Fireplace and walls of glass opening up to the beautifully landscaped green rear yard. Enjoy the Outdoor beauty of Arizona year round with the deep wraparound covered patio looking east towards the iconic Four Peaks. Large Heated play pool with Boulder Water feature. Separate above ground spa. Back yard is surrounded by block wall covered in white rose vine creating a private oasis. The views are unobstructed and panoramic of the mountain ranges to the east as the land gently falls away. Four Peaks, Weavers Needle, Bartlett Dam all in full view. The separate Guest House features 2BR, 2BA with full kitchen and large living space. In addition the owners created unique lodging converting a container into a charming guest suite with outdoor shower and toilet. If you have an RV or friends coming to stay there is one RV full hookup with electric, water, and sewer. Top Notch Professionally Designed and Built Equestrian Facilities with 7 stall shed row style Block barn with deep overhang. Each stall is fitted with rubber mats, fan, mister and fly control system, and excellent lighting. Runs off back of each stall if you prefer them going in and out or you can shut the back door to keep them inside. Large Airconditioned tack room with built in saddle and bridle racks and storage. Mud room can double as grain/feed room with deep sink, refrigerator, storage cabinets and plumbed for washer/dryer. Outside wash rack with hot water piped in. The entire 10 acres is perimeter fenced with Rustic oil pipe fencing. Your horses will love the 8-pipe fenced turn out paddocks with shades with room to add more. Large steel container to store hay. Dressage size arena with rubber/sand footing and an additional large, cleared area if you need something a bit larger, plenty of room and lot coverage left to build a large Covered Arena. Round pen with sand footing. You will love the direct access out your gate to miles of trails with soft decomposed granite footing NO ROCKS! Just a short 10-minute trail ride to Tonto National Forest for scenic trail riding. Do you love gardening and fruit trees? Wonderful Herb Garden and talk about trees! Fruit trees planted include Lemon, Lime, Peach, Apple, Guava, Fig, Kumquat, Grapefruit, Blood Oranges, Pomegranate all on drip system and not just any drip system this system has automated fertilizer system added so trees are slow fertilized in spring and fall with the watering system and they are thriving! Utility rates are on the rise, so problem has been solved with Solar Panels (owned) that keep those bills at or under $300 a month. Located in Maricopa County where property taxes are low, Scottsdale Mailing address, and a good producing Private well with newer pump installed this property has it all. Perfect for any equestrian or outdoor enthusiast your perfect oasis in the desert.

5593 E Edward Lane Paradise Valley, AZ 85253

$3,200,000
3 Beds
3.5 Baths
3,620 SqFt
Status Active Under Contract
MLS # 6755781
Property Type Apartment
Price Type --
Camelback View. Enjoy resort living w/ full amenities at adjacent Mountain Shadows resort combined with distinct architectural designs. Enjoy views from 800+ sq. ft. outdoor deck. This Villa has 20 ft. high entry foyer with private elevator/stairs to living level. Luxurious designer features include, Wolf combo dual fuel range oven and microwave, Sub Zero refrigerator, Asko dishwasher, Zephyr hood,10 ft. high ceilings, 9 ft. bi-fold doors to deck, 9 ft. bi-fold from primary suite to deck, indoor/outdoor fireplaces, Crestron smart home, Lutron lighting, motorized shades, surround sound, 24 hr guarded entry, & more! Includes membership in Citizen's Club at Mountain Shadows - fitness center, classes, signing privileges, golf, discounts on all retail services, including food, rooms, golf.

3845 E Whitton Avenue Phoenix, AZ 85018

$3,200,000
5 Beds
5 Baths
4,171 SqFt
Status Active
MLS # 6775510
Property Type Single Family Residence
Price Type --
Discover this breathtaking brand-new modern farmhouse in Arcadia. This exquisite residence seamlessly blends warmth and comfort with modern elements, creating a perfect backdrop for luxurious living. As you step inside, you'll find five spacious bedrooms, three with beautifully appointed en-suite bathrooms, ensuring comfort and privacy for family and guests alike. The dedicated office space offers a quiet retreat for remote work or creative pursuits, while the inviting teen room serves as a versatile haven for relaxation and study. Outside, discover your own private oasis with a sparkling pool, ideal for entertaining or enjoying tranquil afternoons in the sun. Guests will appreciate the charm and comfort of the flex-use guest house, providing a welcoming escape from the main residence. For fitness enthusiasts, the dedicated Peloton room off the primary suite makes it easy to stay active at any time. Completing this remarkable property is a three-car garage, offering ample space for vehicles and storage while perfectly balancing practicality and luxury. Located in the sought after Arcadia neighborhood, you'll enjoy mountain views, the latest dining concepts, and a vibrant community atmosphere. Don't miss the chance to make this extraordinary home your own. Schedule a tour today and immerse yourself in the perfect blend of style, comfort, and modern living!

10010 E Blue Sky Drive Scottsdale, AZ 85262

$3,200,000
4 Beds
4.5 Baths
5,476 SqFt
Status Active
MLS # 6651789
Property Type Single Family Residence
Price Type --
La Scala Siena Model designed by Bob Bacon and built by Bob Byrd * Updated Chef's kitchen with adjoining TV room * Open floor plan with dual Master Suites, den/office/game room and separate guest casita with 2 bedroom suites plus a breakfast area with kitchenette * Soaring ceilings, Wood and Travertine flooring, slab granite & stone countertops, alder wood doors & cabinets, and designer appliances * Outdoor living area includes a covered sitting area with gas fireplace, built-in heaters and resort-style landscaping * Private corner lot with elevated mountain views and sunsets * Walking distance to the clubhouse and amenities *

6615 E Shea Boulevard Scottsdale, AZ 85254

$3,200,000
5 Beds
6 Baths
5,908 SqFt
Status Active
MLS # 6731750
Property Type Single Family Residence
Price Type --
This custom-built home epitomizes expansive luxury and is designed to accommodate the grandest lifestyles. Upon entry, you are greeted by a spacious great room and kitchen, featuring large sound-deadening windows that ensure a peaceful ambiance. The home boasts a fireplace, built-in bookcases, and extensive travertine finishes. Rich knotty maple woodwork complements the white island with Rainforest Brown marble, a farmhouse sink, and dark chocolate brown solid travertine countertops. Professional-grade appliances, designer lighting, and eight-blade fans enhance the overall aesthetic. Each bedroom is an en-suite, offering the utmost in privacy and convenience. The home includes a versatile kosher kitchen or mother-in-law suite. A 50-foot RV garage is ideal for a custom coach or car collection. The property features a comprehensive solar system with full battery backup, including a Tesla charging station. This system powers the entire house, eliminating electric bills and providing annual refunds from APS. The detached office/casita includes a full bath, and the extensive outdoor kitchen on the expansive covered patio is perfect for entertaining. The fully landscaped grounds feature pavers and turf throughout, with ample parking available. Additionally, an 804 square foot guest house, included in the total square footage, ensures your guests are comfortably accommodated. This home is designed to fulfill every desire and entertain lavishly.

6801 E Caballo Drive Paradise Valley, AZ 85253

$3,200,000
4 Beds
4.5 Baths
4,441 SqFt
Status Active
MLS # 6755146
Property Type Single Family Residence
Price Type --
Camelback Country Club Estates - Golf Course Lot - 41,818 SF - South Rear Yard - On the 14th Hole - First time on market.

8130 E Vista Bonita Drive Scottsdale, AZ 85255

$3,200,000 - 4Br/4Ba -  for Sale in Pinnacle Peak Estates Unit Two, Scottsdale
Open House
$3,200,000
4 Beds
3.5 Baths
3,800 SqFt
Status Active
MLS # 6516110
Property Type Single Family Residence
Price Type --
RENOVATION COMPLETED 11.8.24 This stunning contemporary modern luxurious home RENOVATION IS COMPLETED. Walking in your greeted with a sprawling open floor plan featuring exquisite luxury finishes throughout. This home showcases a spacious lot (almost an acre) with breathtaking mountains views overlooking the golf course. Brand new Pickel Ball court is perfect for entertaining. This home is located in the gated PINNACLE PEAK ESTATES. *Seller agent has ownership in property

2494 E Cloud Drive Chandler, AZ 85249

$3,199,000
4 Beds
4.5 Baths
6,000 SqFt
Status Active
MLS # 6781429
Property Type Single Family Residence
Price Type --
Gorgeous Custom Home on Almost an Acre Lot in Circle G at Riggs that is LOADED with High End Finishes & Architectural Detail. Plus a Backyard you'll Never want to Leave! It's Truly Paradise w/76,000 Gallon Pool, Baja Shelf, Waterfall, Slide, Grotto, Diving Area, Swim Up Table, Foggers, Misters, Covered Outdoor Grilling/Bar Area, Pizza Oven, Covered Seating w/Fireplace, Batting Cage & Grass Area. Inside Features Tray & Coffered Ceilings, Lots of Arched Detail throughout, Beautiful Polished Travertine Flooring, New SubZero/Wolf Appliances, 10' Double Iron Entry Door, Gorgeous Stone Range Hood, Fireplace & Bar, Dedicated Wine Storage Room Clad in Travertine w/Arched Detailed Iron Door, Travertine Clad Arched Mirror Detail in Bathrooms. Control 4 App for Home Automation... Operate A/C, Music, Pool & More from your Phone. The Gourmet Kitchen features NEW 48 Cooktop, Double Ovens, COVE Dishwasher as well as a Large Pantry. Four Bedrooms with En-suites and Walk in Closets, Bonus Room, Office with Wood & Travertine Inlay Flooring, Custom Cabinets & Bookcases. 4 Car Garage with Tons of Built in Storage & New Epoxy Flooring. This Home is One You Can't Miss. New Paint Inside and Out, New Carpet, 4 Wood Shutters, Lots of Stone Detail Throughout, Batting Cage, Extensive Paver Detail Outside & SO Much More! Close to Schools, Shopping, Dining, Golf, etc.

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