Arizona home foreclosures way down in 2nd quarter
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HARP is designed to reduce foreclosures and get real estate markets moving again
Web Producer: Ina Ronquillo
PHOENIX (AP) - Nearly 17,000 Arizona homeowners lost their homes to foreclosure in the second quarter of 2012 but the total number of foreclosures was way down from the same period in 2011.
Data released Thursday by foreclosure tracking firm RealtyTrac shows banks actually repossessed 16,837 homes in April, May and June. The number of foreclosures dropped by 39 percent from the same period in 2011. Bank-owned homes made up 33 percent of all home sales.
Repossessed homes are cheaper, with the average price break in Arizona about 25 percent lower than a non-foreclosure.
Nationally the percentage of home sales that were foreclosures increased to 23 percent but the total number dropped.
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