By Kyle O’Donnell | Cronkite News
New foreclosure filings in Arizona have fallen to the lowest level in seven years, a sign of a recovering housing market, according to RealtyTrac, a real estate information company.
New foreclosure filings in Arizona fell to 2,500 in September, the fewest since August 2006, according to RealtyTrac’s statistics.
“I would say that it’s on the leading edge of getting through the bulk of the foreclosure problem,” said Daren Blomquist, vice president of RealtyTrac.
Even though Phoenix and Tucson lead the housing market recovery, Arizona as a whole has seen a decrease in foreclosures, he said.
For the third quarter of 2013, Arizona’s average foreclosure process took 240 days to complete, Blomquist said.
Arizona’s foreclosure process was ninth-fastest among states during that period, he said, adding that Texas had the fastest foreclosure process at 164 days.
