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Arizona foreclosure rate continues to drop

PHOENIX -- The number of Arizona homeowners losing their home to repossession or who are in some stage of the foreclosure process continues to drop.

New data released by foreclosure-tracking form RealtyTrac shows nearly 4,0 homes were either taken by lenders or received notices of foreclosure last month. That's a 29 percent drop from January and a 56 percent drop from February 2012.

About 1,900 homes were repossessed last month and 2,100 homeowners received a notice of default, the first step in the foreclosure process.

In March 2012, nearly 9,500 homes were in some stage of foreclosure. That includes 3,600 Arizona repossessed by banks and more than 5,900 homeowners who received a notice of default.

That month, Arizona was No. 1 in the nation for foreclosures. Arizona is now No. 6.

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