Phoenix home foreclosures on the decline

Foreclosure rates in the Phoenix area are continuing to move lower, according to new data from CoreLogic , a national real estate research firm. Of existing mortgages, 3.07 percent were in foreclosure in November 2011 as compared with 4.8 percent a year earlier. Phoenix remains below the national foreclosure rate of 3.41 percent. On a monthly basis, the foreclosure rate also dropped from 3.36 percent in October to 3.07 percent in November, the most recent month for which data is available. The Phoenix-area mortgage delinquency rate has also dropped from 11.67 percent in November of 2010 to 7.79 percent in November 2011.

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