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Arizona housing foreclosure rates continue to drop
The number of foreclosures being started in Arizona continues to drop, according to the monitoring firm RealtyTrac. Vice President Darren Blomquist says about 3,900 Arizona properties got foreclosure notices during April.
"That 3,900 properties with foreclosure filings in April was the lowest we've seen since February 2007, so we're at a 74-month low in Arizona," Blomquist said.
Blomquist says foreclosures dropped 9 percent from March, and 49 percent from March 2012. That put Arizona in tenth place among the states.
"I'd expect to see Arizona drop out of the top ten over the next few months and that's a big deal because Arizona was typically one of the epicenters of the foreclosure crisis over the past seven years," he said.
Metro Phoenix meantime, has dropped to 45th among the more than 200 areas RealtyTrac monitors.