Only 3 states had a higher percentage of non-current mortgages than Arizona in 2009. Arizona was ranked #4 in the country. Arizona was in the center of the real estate bust.

Now, only 10 states have a LOWER percentage of non-current mortgages than Arizona. Arizona is ranked #40 in the country.

That means the number of bank-owned properties hitting the market and putting downward pressure on Arizona home prices will continue to fall.

Arizona is now the epicenter of the real estate price recovery.

Click to enlarge.
Arizona shadow inventory

Source: LPS Mortgage Monitor, December 2012

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