Phoenix home foreclosure rate continues to decline

The number of foreclosures throughout the Phoenix area and across Arizona continue to taper off this year and sit below the national average, according to the latest data released Tuesday by CoreLogic. The foreclosure rate among outstanding mortgage loans in the Phoenix area was 2.87 percent in March, down 1.42 percentage points from one year earlier, the report said. That’s a notable decline from the 5 percent rate the same areas experienced in December 2010 -- the highest foreclosure rate CoreLogic recorded within the past several years. Arizona’s overall housing market was also showing similar signs of progress this year, with the statewide year-over-year foreclosure rate slipping about 1 percentage point to 2.67 percent in March, the report showed. Foreclosure rates in the Valley and Arizona were not only better than national averages, but also indicated a more rapid recovery than other metropolitan cities in general, the report said.

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