Arizona

Aug 9, 2012 12:38 PM

Arizona foreclosures drop, still No. 2

PHOENIX (AP) - Fewer homeowners were mired in the foreclosure process last month but Arizona still posted the second-highest foreclosure activity rate in the nation.

The state posted a 19 percent drop in homes being repossessed or receiving foreclosure filings in July from July 2011.

Data released Thursday by foreclosure tracking firm RealtyTrac shows lenders actually repossessed more than 3,400 Arizona homes last month. Another 4,800 homes entered the foreclosure process.

RealtyTrac says one in every 346 Arizona homes were in some stage of the foreclosure process last month.

California saw the nation's highest foreclosure rate under RealtyTrac's method, with one in every 325 homes in some state of foreclosure. Florida was third and Nevada in 6th place.

Metropolitan Phoenix was No. 20 on the market ranking list.

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