Arizona's September foreclosure rates decrease

Realty Trac just released their foreclosure activity report for last month and it looks like there's some good news for Arizona and the rest of the nation. In September thirty nine states showed a decrease in foreclosure activity compared to the previous month's numbers. Still the number of foreclosures nationally for September is the second highest it's been since January 2005.

Once again Arizona ranks in the top ten list of highest foreclosures. For the month of September Arizona ranked 5th with an average of 1 foreclosure filing for every 316 homes. While this number represents a 8.5% decrease from the previous month, Arizona foreclosures are up about 177% from September 2006. Nevada made it to the top of the list with an average of one foreclosure filing for every 185 homes.

Is this decrease in foreclosure activity a sign that the real estate market is turning around? If home buyers and investors are taking advantage of the current market and its distressed homeowners then this might be contributing to the decrease in foreclosures. I'll just keep my eye on the next few months of foreclosure activity and hope that this is beginning of something positive.

For more information visit National foreclosure activity decreases 8% in September