As of June 19, 2009, there were 45,709 total pending foreclosures in Maricopa County as reported by the Arizona Republic. A Glendale-based research company called Information Market compiled the list. The number does not include the 73,000 actual foreclosures completed during the past three years.

Unfortunately, the pace of foreclosures does not appear to be slowing down. As of June 19th, lenders had served pre-foreclosure notices on 5,700 additional properties.

The 45,709 houses in pending foreclosure are an overhang on the market. Once those houses enter the market, the county could see a new low in housing prices. In addition, a number of option-ARM loans are resetting this year which could add new foreclosures to the market. The light at the end of the tunnel could still be a ways off.

John Laub is the Chairman of the Phoenix CEO-CFO Group.

1. "45,000-Plus Valley Properties Remain in Foreclosure." J. Craig Anderson. The Arizona Republic. June 23, 2009.

2. "Article Summing Up Foreclosure Situation in Phoenix." Paul Kingsley. The Desert Law Blog. June 22, 2009.

3. www.theinformationmarket.com