Arizona ranks 14th among the states for the number of housing units with a foreclosure filing during November, according to new data released on Thursday morning by RealtyTrac.
Vice President Darren Blomquist said now that the market has essentially recovered from the housing crisis, the biggest danger is renewed overheating.
“Right now with the home prices increases that we’re seeing, those are unsustainable for the long term as well, and so, that’s, that’s something to keep our eyes on in 2014, as well, said Blomquist.
Blomquist said the hope would be that prices in the Phoenix metro area would moderate over the next few months, and he said there are signs of that already. He said the 2,500 foreclosure filings in Arizona last month are at a rate not seen here since 2005 and early 2006, before the housing bubble burst.