AZ forecloses drop 21% Jan. to Feb.

While foreclosures in the U.S. were down 2 percent in February from January, Arizona posted a drop of nearly 21 percent. Still, Irvine, Calif.-based RealtyTrac puts the state in the No. 2 spot national behind only Nevada for homes in the foreclosure process. That includes default notices, scheduled auctions and bank repossessions. Arizona had 16,718 homes in foreclosure last month, or one out of every 163 residences, according to RealtyTrac. Nevada had a total of 11,035, representing one in 102 properties. In addition to showing a decline from January, the Arizona number represents a 7.7 drop from February of 2009. Nationally the year-over-year rate was up 6.2 percent.

Click here to view this article from its source.