Arizona tops Nevada as nation's No. 1 state for foreclosures

Arizona has broken Nevada's 62-month streak as the foreclosure capital of the nation.

The state's foreclosure rate in March actually dropped, but Nevada's dropped more. California kept its third-place ranking.

Data released Thursday by foreclosure tracking firm RealtyTrac shows banks actually repossessed nearly 3,600 Arizona homes last month. More than 5,900 homeowners received a notice of default, the first step in the foreclosure process. In all, that's a 40 percent drop in foreclosure activity.

One in every 106 housing units in Arizona had a foreclosure filing in the first three months of 2010. That's actually down 4 percent from the previous quarter and 41 percent lower than a year earlier.

Nevada's foreclosure activity fell about 8 percent between February and March, and dropped nearly 70 percent year-over-year.

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