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Nov 15, 2012 5:30 AM by Associated Press

Arizona foreclosures keep on dropping

PHOENIX (AP) - The number of Arizona homes in some stage of the foreclosure process dropped again in October compared to a year ago, and homes actually repossessed by banks also dipped.

Data released Thursday by foreclosure tracking firm RealtyTrac (http://www.realtytrac.com) shows lenders actually repossessed nearly 2,821 Arizona homes in September, 600 fewer homes than in September. New foreclosure filings rose slightly to about 3,900 last month.

October saw a 36 percent drop in homes being repossessed or receiving initial foreclosure filings compared to October 2011.

RealtyTrac says one in every 420 Arizona homes was in some stage of the foreclosure process last month.

The state dropped one position to No. 5 for foreclosure activity rate in the nation. Florida is No. 1 and Nevada No. 2.

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