Arizona Foreclosures Almost Double National Average in First Quarter

Home foreclosures are continuing to spike, both in Arizona and across the country.

One of every 194 U.S. households had a foreclosure filing during the first three months of 2008, according to RealtyTrac. That's more than twice the rate from the same time last year.

Arizona now ranks as the third-hardest-hit state in the nation. One of every 95 homes in the state has been touched by foreclosure -- almost double the national average.

A total of 27,404 Arizona homes had foreclosure filings, up nearly 245 percent from a year ago and 45 percent from the last quarter of 2007.

Courtesy of The Business Journal of Phoenix - Adam Kress