AZ forecloses drop 21% Jan. to Feb.
Mar 11th, 2010 by Vinny
We are not out of this yet, there is still alot of opportunity to make money.
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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.
“The 6 percent year-over-year increase we saw in February was the smallest annual increase we’ve seen since January 2006, when we began calculating year-over-year increases, but it still marked the 50th consecutive month of year-over-year increases in foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “This leveling of the foreclosure trend is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure prevention programs, legislation and other processing delays are in effect capping monthly foreclosure activity — albeit at a historically high level that will likely continue for an extended period,” he said. “In addition, severe winter weather appears to have temporarily slowed the processing of foreclosure records in some Northeastern and Mid-Atlantic states.”
AZ forecloses drop 21% Jan. to Feb. – Phoenix Business Journal:.
