Foreclosure rate drops in Phoenix

Foreclosure rates in the Phoenix area decreased in February compared with the same month last year, according to new data from CoreLogic. The rate of Phoenix-Mesa-Glendale-area foreclosures among outstanding mortgage loans was 2.95 percent for the month of February, a decrease of 1.63 percentage points compared with February of 2011, when the rate was 4.58 percent. Foreclosure activity in Phoenix area is lower than the national foreclosure rate, which was 3.41 percent for February 2012. Also in the Phoenix area, the mortgage delinquency rate has decreased. According to CoreLogic data for February, 7.58 percent of mortgage loans were 90 days or more delinquent, compared with 11.12 percent for the same month last year, representing a decrease of 3.54 percentage points.

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