Report: Arizona Foreclosures Drop Below Pre-Recession Averages
According to the research firm RealtyTrac, from April through June, foreclosures in Arizona were 13 percent lower than before the recession. Arizona was among 15 states that experienced declines.
There was a similar drop for the Phoenix metro area from January through June. RealtyTrac said there were 6,081 foreclosure filings in the Valley during the first half of this year. Between January and June of 2015 there were 6,570 filings and between July and December 2015, there were 7,041 filings.
Nationwide, foreclosure activity remains 21 percent higher than the pre-recession average.
“While U.S. foreclosure activity is still above its pre-recession levels, many of the states hit hardest by the housing crisis have now dropped below pre-recession foreclosure activity levels," Daren Blomquist, senior vice president at RealtyTrac said in a written statement. “With some exceptions, states with foreclosure activity continuing to run above pre-recession levels tend to be those with protracted foreclosure timelines still working through legacy distress from the last housing bust.”