Foreclosure activity throughout metro Phoenix and Arizona continued tumbling this summer at a rate that far outpaced the nation, according to the latest report released Tuesday by CoreLogic.
Metro Phoenix’s foreclosure rate, meaning the percentage of all outstanding residential mortgages in a particular area that are in some stage of the foreclosure process, in July was 2.18 percent.
That’s a notable 8 percent decline from June and a whopping 39 percent drop from last July’s 3.57 percent foreclosure rate, the CoreLogic report said.
The statewide foreclosure rate in July, 2.11 percent, also experienced a comparable downward trend with a steep 34 percent year-over-year decline during the same timeframe.
Nationwide, however, foreclosure activity is making only modest improvements.
The U.S. posted a 3.25 percent foreclosure rate in July, which is much higher than the Valley. There was only a 6 percent decline from the same time last year, the report said.
Arizona homeowners also are getting much better at paying their mortgages on time than those nationwide.
The state’s mortgage delinquency rate, which measures the percentage of an area’s homeowners with mortgages that are 90 or more days delinquent on their payments, was 5.36 percent in July compared to the nation’s 6.71 percent for the month.
The Arizona delinquency rate was also a 37.4 percent year-over-year drop from last year, while the nationwide rate declined by only 7 percent, the report said.
Phoenix Business Journal by Kristena Hansen, Reporter
Date: Tuesday, September 25, 2012, 12:34pm MST