By Kristena Hansen | Phoenix Business Journal
Phoenix was ground zero for the housing crisis only a few years ago, but is now seeing foreclosure activity plunge to some of the lowest levels in the nation.
Arizona’s foreclosure inventory took a 58 percent year-over-year nosedive to a rate of 1.3 percent in April, according to CoreLogic’s latest foreclosure report released Tuesday.
That new rate tied with New Hampshire and Michigan for the 14th lowest in the nation, the report said.
Arizona also hovered well below the national foreclosure rate — which CoreLogic defines as the percentage of all outstanding mortgages that are in some stage of foreclosure — of 2.65 percent for the month, down almost 25 percent from a year ago.
