It has now been two years since the number of foreclosure filings in Arizona was higher than in the same month the year before. That is the biggest finding of this morning’s November foreclosure report from the home data company RealtyTrac, and Vice President Darren Blomquist said that is a signal the housing crisis is over in Arizona.
“The most visible sign of the crisis which are these foreclosures, really is behind the market and yes, I think it’s definitely fair to say that for Arizona," said Blomquist.
Blomquist said the most lingering effect of the housing crisis is the 28 percent of Maricopa County homeowners who remain underwater on their loans, but he said over the next couple years he expects those homeowners to regain their equity.