AZ Foreclosures Drop

According to the Phoenix Business Journal, Arizona foreclosures have dropped 21% from January to February, 2010.  Arizona had 16,718 homes in foreclosure last month, or one out of every 163 residences.  According to James J. Saccacio, chief executive officer of RealtyTrac,  “This leveling of the foreclosure trend is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure prevention programs, legislation and other processing delays are in effect capping monthly foreclosure activity — albeit at a historically high level that will likely continue for an extended period.”

Foreclosures in the U.S. posted a 2% drop in February from January.  Hopefully this is a sign that the market is starting to change for the better and maybe some of the programs that are available might be working.