New data released by foreclosure tracking form RealtyTrac shows nearly 4,000 homes were either taken by lenders or received notices of foreclosure last month. That is a 29-percent drop from January and a 56-percent drop from February 2012. About 1,900 homes were repossessed last month and 21-hundred homeowners received a notice of default, the first step in the foreclosure process.
In March 2012, nearly 9,500 homes were in some stage of foreclosure. That includes 3,600 Arizona repossessed by banks and more than 5,900 homeowners who received a notice of default. That month, Arizona was number one in the nation for foreclosures. Arizona is now number six.