Phoenix home foreclosure rate moving lower

CoreLogic reports that foreclosure activity in the Phoenix metro area dropped in December as compared with December 2010. The rate of foreclosures among outstanding mortgages was 2.91 percent in December 2011. That compares with 5 percent a year earlier. Foreclosure rates in Phoenix are now lower than the national rate, which was 3.37 percent of outstanding mortgages in December 2011. Across Arizona the foreclosure rate was 2.69 percent in December 2011 as compared with 4.35 percent in December 2010. The 90-day delinquency rate also has dropped. In the Phoenix metro area that number in December 2011 was 7.58 percent of outstanding mortgages as compared with 11.64 percent in December 2010. That’s slightly more than the national average of 7.23 percent. Across Arizona the delinquency rate is 7.08 percent as compared with 10.20 percent in December 2010.

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