Foreclosures dropped 14% in 2011, still ranking second in the country

Foreclosures fell 14% in 2011, still ranking second in the country (Alberta Times) Foreclosure tracking company RealtyTrac said that although Arizona’s foreclosures...

(Alberta Times)

Foreclosure tracking company RealtyTrac Although Arizona’s foreclosures dropped 14% last year, it still ranks as the second-highest level in the nation.

RealtyTrac said that 114,000 homeowners received foreclosure notices in 2011, and 60,320 of them were actually repossessed by lending companies. The number in 2010 was 70,288.

Among cities with 200,000 residents nationwide, metro Phoenix ranks 6th in foreclosure rates and Prescott ranks 14th nationally, with 3.5% of households receiving foreclosure notices.

Even with foreclosures falling, Arizona's housing market remains bleak. In 2006, there were only 1,200 foreclosures in the state.