Click chart to enlarge.
Source: LPS Mortgage Monitor.
Arizona’s non-current mortgage loan rate fell more than in any other state by far.
Non-current = loans 30+ days delinquent or in foreclosure.
Fewer mortgage delinquencies now means fewer distressed properties on the market later, and that means continued higher Arizona home prices.
If you’re thinking of buying a Phoenix area home, sooner is better than later.
P.S. Did you notice that 34 states have a higher rate of non-current mortgage loans than Arizona?
ADDED: See also, “Arizona Mortgage Rate Delinquencies” to see a graph of the fall in delinquencies.