February foreclosures lowest in Phoenix area since 2006

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foreclosureBy Catherine Reagor, The Republic | azcentral.com

Metro Phoenix foreclosures have fallen back to pre-housing bust levels.

During February, 303 Valley houses were taken back by lenders, according to The Information Market, a division of the Arizona Regional Multiple Listing Service. That’s the lowest monthly level since December 2006, when 211 houses in the region were foreclosed on.

The housing market peaked in late 2006. By early 2007 prices had begun to fall and foreclosures climbed. During 2009, foreclosures shot up above 5,000 a month in the Phoenix area.

In January of this year, 337 Phoenix homes were foreclosed on. In January 2007, there were 348 foreclosures in the area.

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