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.
Takeaway
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.
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