Are we heading toward another 2008? | Phoenix Real Estate Market Update

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Are we heading for another 2008-style housing crash? With foreclosure headlines making the rounds and FHA loan delinquencies on the rise, it's a fair question — and one I'm hearing constantly. In this week's Phoenix market update, I'm breaking down what's actually happening with foreclosure activity nationally, why FHA loans are getting most of the attention, and what we're seeing here in the Valley with pre-foreclosures and distressed listings.
I'll also walk through:

→ Why FHA loan delinquencies are climbing (and what changed in October 2025)
→ The rise in Phoenix notice of trustee sales — with historical perspective
→ Mortgage rates jumping to 6.75%, the highest since July 2025
→ Active listings now BELOW 2025 levels (first time in a while!)
→ Homes under contract trending higher than last year
→ Current Cromford Market Index breakdown by city
→ Real examples of what's happening with our buyers and sellers right now