Arizona foreclosure picture brightens

The number of home foreclosures in Arizona is falling, but the state is still ranked in the top five for the highest number of foreclosures in the past year, according to CoreLogic. The national real estate research firm found in its latest report that Arizona ranked fourth for home foreclosures with 62,607 completed between February of 2011 and the same month this year. California, Florida and Michigan were the top three states for completed home foreclosures in that 12-month span. The number of Arizona homes in the foreclosure process in February fell 1.5 percentage points from a year ago to 2.5 percent in February. The number of homes that are three months behind on their mortgage payments also fell to 6.7 percent, about 3 percentage points lower than a year ago. The Phoenix area is home to most of the foreclosures in the state, with 48,115 completed foreclosures in the past year. But the number of homeowners failing to make payments and in the process of being foreclosed upon in these parts of the Valley also saw declines compared with a year ago. The percentage of Phoenix-area homeowners three months behind on their mortgage payments fell by 4 percentage points to 7.1 percent in February.

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