The good news is that foreclosures in Phoenix dropped 19% year-over-year. The bad news is that the number of foreclosures is still high– Arizona is #2 in the nation for foreclosures, behind California, but ahead of everyone else– including Nevada. (Thanks L!)
PHOENIX (AP) – Fewer homeowners were mired in the foreclosure process last month but Arizona still posted the second-highest foreclosure activity rate in the nation.
The state posted a 19% drop in homes being repossessed or receiving foreclosure filings in July from July 2011.
Data released Thursday by foreclosure tracking firm RealtyTrac shows lenders actually repossessed more than 3,400 Arizona homes last month. Another 4,800 homes entered the foreclosure process.
There is more good news for homebuyers– lenders have been more willing to work with homeowners to try and keep them in their homes. The bad news is that in spite of these efforts, foreclosures continue to rise.