A report out last week by Grand Canyon Title Agency shows banks were more likely do a short-sale for a distressed property in 2011 than a foreclosure.
The analysis of the information from the Arizona Regional Multiple Listing Service shows that in 2011, 62,156 single family properties in Maricopa County changed ownership as a distressed property.
The number of homes that went back to the lender was down 29 percent from 2010, while the number of homes that were sold to a third party was up 25 percent compared to 2011. Short sales were up 18 percent from 2011.
All together, total foreclosures were down 14 percent from 2010.