Valley one of leaders in completed foreclosures, study says


foreclosuresArizona continues to see a decrease in foreclosures, a new study by CoreLogic says.

Completed foreclosures in this state went down from 18,558 ending February 2014 to 13,344 ending in February of this year, about a 28 percent decrease.

CoreLogic tracks Phoenix, Mesa and Scottsdale as one of their core statistical areas, which ranks number five with 7,930 completed foreclosures in the last year ending in February.

At 0.5 percent, Arizona’s foreclosure inventory ranks as one of the lowest in the country.

In Arizona, foreclosures sales do not involve court action like they do in many states, reducing the amount of time it takes for a foreclosure to complete.

Nationally, foreclosure inventory went down 27.3 percent and completed foreclosures decreased 15.7 percent from February 2014.

There were 39,000 completed foreclosures nationwide in February 2015, down from 46,000 in February 2014, a 67 percent decrease from the peak of completed foreclosures in September 2010, according to the study.

For more information on the report, click here.

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