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Phoenix ranks fifth nationwide in home foreclosures

PHOENIX — Foreclosures in Arizona continue to follow a downward trend, though they still remain among the highest in the nation.

Recent data from the CoreLogic real estate research firm ranked Phoenix fifth nationwide for foreclosures among major U.S. markets.

According to the Phoenix Business Journal, the Valley had more than 9,700 foreclosures between May 2013 and May 2014.

Phoenix still had more repossessed homes than Dallas, Los Angeles, Seattle and Washington even after a decrease in foreclosure and delinquent mortgage rates.

Two percent of Phoenix mortgages were 90 or more day delinquent in May — down from 3.2 percent a year ago.

Nationally, the seriously delinquent home loans and foreclosure rate on existing mortgage was 4.4 percent and 1.7 percent, respectively.

The same two indicators come in at 2 percent and 0.5 percent in the Valley and 2.2 percent and the same 0.5 percent statewide.

The states that followed Phoenix with most foreclosures were Atlanta,Ga., Tampa-St. Petersburg, Fla., Orlando, Fla., and Chicago, Ill.