Arizona No. 3 in foreclosures over past year, but rate drops

New CoreLogic data shows Arizona had the third most home foreclosures among states in the past 12 months. The number was 65,000 between January of 2011 and the same month this year -- the same as Michigan. California had the most completed foreclosures with 155,000, followed by Florida with 86,000. Arizona, however, has dropped out of the top five states in foreclosure rate. Arizona’s rate stands at 2.6 percent, below the national average of 3.3 percent. According to CoreLogic the highest foreclosure rate is in Florida, where 11.8 percent of homes with a mortgage are in foreclosure. Florida is followed by New Jersey (6.4 percent), Illinois (5.3 percent), Nevada (5 percent) and New York (4.7 percent). Both foreclosure inventory and 90-day delinquency rates are down in Arizona from a year ago. The five states with the lowest foreclosure rates are Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.1 percent) and Texas (1.3 percent).

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