Arizona foreclosures drop but do not account for evictions

Arizona's foreclosures dropped 11% last year, which puts the state fifth lowest in the nation. But the new numbers don't account for Arizonans forced to leave rentals. Executive Director of the Master of Real Estate Development program Mark Stapp says Arizona's low foreclosure numbers indicate that homeowners can still sell their house when they need to get out.

Arizona's foreclosures dropped 11% last year, which puts the state fifth lowest in the nation. But the new numbers don't account for Arizonans forced to leave rentals. Executive Director of the Master of Real Estate Development program Mark Stapp says Arizona's low foreclosure numbers indicate that homeowners can still sell their house when they need to get out.

In this story published Jan. 16, 2020, on KJZZ:

If you own your home and your wages increase only slightly or stay the same, your mortgage doesn't change, likely, but rents keep going up. And so you continually have to move or find yourself using more of your disposable income for housing.

– Mark Stapp, who is the executive director of the Master of Real Estate Development program and Fred E. Taylor Professor in Real Estate