The amount of foreclosure activity in the Arizona residential market declined sharply in October, according to RealtyTrac, an online marketplace that documents and lists foreclosed properties.
The state reported 13,345 foreclosure-related filings — default notices, scheduled foreclosure auctions and bank repossessions — during the month, a decline of 10 percent from the previous month and down nearly 24 percent from the same month a year ago.
Nationwide, 332,292 properties were involved in foreclosure activities, down 3 percent from the previous month but still up nearly 19 percent from October 2008.
It was the third consecutive month of decline, and “on first blush an indication that the foreclosure tide may be turning,” said James J. Saccacio, RealtyTrac chief executive. But he added that high-risk mortgages, negative equity and high unemployment still threaten to drive future foreclosure activity.
Despite its decline, Arizona had the fourth highest rate of foreclosures among the 50 states and ranked sixth in total number of foreclosed properties, the service said.