Declining foreclosure inventory could signal a rebounding Arizona market. According to recently released housing data, home foreclosure inventory for Arizona is down 20 percent from a year ago. The data, released by real estate research firm, CoreLogic, revealed a foreclosure inventory of 2.6% for the month of June.
Both Nevada and Michigan also experienced declining foreclosure inventory, with Nevada dipping to 4.9 percent and Michigan down to 1.9 percent. Like Arizona, both states’ foreclosure inventory dropped about 20 percent from last year.
According to CoreLogic, the foreclosure inventory for the Phoenix-Mesa-Glendale area was reported at 2.7 percent with 36,137 completed foreclosures in 12 months ending May 2012.
Nationwide, the foreclosure inventory was reported at 3.4% with 819,000 completed foreclosures in 12 months ending May 2012.
The state with the lowest recorded foreclosure inventory was Wyoming with 0.7 percent.
According to the real estate listing and information site Trulia.com, there are currently 12,821 foreclosures on the market for the Phoenix area.
Keep in mind, these figures are subject to change without warning. If you’re looking for information on buying or refinancing a home in the Phoenix market, give us call. At AFR Mortgage we offer a variety of home financing solutions to meet the needs of most home buyers and homeowers in the State or Arizona including fixed and adjustable rate mortgages non-conforming jumbo loans, FHA and VA loans, and multiple other products. For more information on current interest rates or to learn about our mortgage programs, call 800-634-8616 or complete the Rate Quote Form on this page.