The article, Phoenix-area home foreclosures plummet from a year ago, from the Phoenix Business Journal, reports that slightly more than 1 percent of all outstanding residential mortgages across the Phoenix area were in some stage of foreclosure in May — a massive 62 percent drop from a year ago and far below the national average, according to a report released Tuesday by CoreLogic. The findings are similar to Arizona State University’s most recent housing report for May, which found the number of foreclosure starts Valleywide — 1,639 — were down 66.6 percent year-over-year and significantly down from peak levels of March 2009 when the figure topped 10,099. Foreclosure and delinquent loan activity in Phoenix and Arizona now stands far below the national average and is recovering at a much faster pace. For instance, while the Valley’s foreclosure rate plunged 62 percent in May from a year earlier, the nationwide figure was down by about 25 percent, the report said. The national foreclosure rate that month, 2.61 percent, was also much higher than Phoenix’s 1.05 percent. While Phoenix’s seriously delinquent loan rate dropped by nearly half, the nationwide figure posted a more modest 18 percent decline. Phoenix’s 3.2 percent delinquency rate for the month was also much lower than the 5.63 percent national average. Here is the link to the entire article: bizjournals/phoenix/news/2013/07/23/phoenix-area-home-foreclosures-plummet.html
Posted on: Wed, 31 Jul 2013 14:05:26 +0000
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