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.