Arizona Ranked #3 for Foreclosures
Most Arizona homeowners who haven’t foreclosed already are upside-down in their mortgages. That is, they owe more on the home than it’s worth. Arizona took a huge hit in the recession and it will take a long time to recover.
- 2012 foreclosure rate: 2.69%
- November, 2012 unemployment: 7.8% (17th highest)
- Home price change (2007Q2-2012Q2): -45.1% (2nd largest decline)
- Processing period: 90+ days
Over the 12 months ending in the second quarter of 2012, home prices in Arizona rose by 12.7% — by far the largest increase in the U.S. during that time. Additionally, foreclosure activity in the state fell by 32.9% — one of the largest decreases in the nation. Despite these improvements, home prices in mid-2012 remained 45.1% lower than they were five years before, the second-largest drop in the nation during that time, while the state’s foreclosure rate remained among the nation’s highest.