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Is Phoenix foreclosure rate bouncing back?

PHOENIX -- The Phoenix-area foreclosure rate has been plummeting, especially when compared to national averages.

According to Phoenix Business Journal, "Foreclosure inventory throughout metro Phoenix plunged by roughly 56 percent year-over-year in January."

The foreclosure rate was also at .59 percent in January, far below the national average of 1.97 percent.

Arizona State University has released housing reports, saying the number of pending foreclosures "has fallen below a normal level and is continuing to decline slowly."

The "normal" level of foreclosures in Maricopa County is about 1,425 a month. In January, the county had 1,013.

Research also showed that Phoenix homeowners have gotten better at making their mortgage payments on time.

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