Arizona's foreclosure rates are up sharply in the past year.
A report from Attom Data shows one in every 4,683 homes in the state is in some stage of the foreclosure process. That's a 27% increase in the past year.
The largest raise percentage-wise in places with a significant number of foreclosures in the state was Mohave County, where proceedings were up 70%.
Foreclosure proceedings were up by about a third in Tucson and Phoenix in the past year.
“Foreclosures may be up in January 2025 due to a combination of economic factors, including rising interest rates and inflationary pressures, said Attom CEO Rob Barber. "Additionally, seasonal trends often contribute to higher foreclosure activity at the start of the year, as lenders resume filings after holiday slowdowns. Broader housing market shifts, such as declining affordability and job market instability, could also put additional strain on homeowners. ”
Most of the homes were at a step in the foreclosure process known as the Notice of Trustee Sale, where the bank has filed paperwork stating the basic information of the auction for the home with the county.
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