Phoenix foreclosure rates drop

Phoenix Business Journal by DiAngelea Millar
Date: Thursday, September 8, 2011, 11:25am MST

Phoenix-area foreclosure rates decreased from June of 2010 to June of this year, according to new data from CoreLogic.

CoreLogic measures foreclosure rates by the current number of loans in the foreclosure process. The rate of foreclosures in the Phoenix-Mesa-Glendale area for outstanding mortgage loans is 3.59 percent. That’s down from 4.25 percent in June 2010.

The mortgage delinquency rate for the area has also decreased, from 12.6 percent in June 2010 to 9 percent in June 2011. CoreLogic measures this rate by calculating the percentage of loans that are more than 90 days delinquent.

Foreclosures in the Phoenix area are higher than the national rate, which is 3.46 percent.

SOURCE:
http://www.bizjournals.com/phoenix/news/2011/09/08/phoenix-foreclosure-rates-drop.html