Arizona is now one of the top 10 states in the country in the number of foreclosures. But is it going to stay that way?

Realtor Russell Shaw says most of the foreclosures are happening on what he calls the edges of the Phoenix area.

"Buckeye, Goodyear, Chandler -- that kind of thing -- Apache Junction, Queen Creek. That is where the bulk of the foreclosures will occur."

That's where land is plentiful and many investors bought houses they now can't afford.

As for the future, Shaw says things will stay this way for awhile, but "it's just almost like Nostradamus. I've seen the future. It's a lot like the past, only longer. So, nothing phenomenally bad is going to be happening."

But if there is a home in foreclosure near you, it could lower your home's value, says Shaw.

"It's not that the lenders who take them back are going to try to dump them at low prices, they're just going to be selling them at market. But it does hurt the area."