The number of new foreclosure filings against Phoenix-area homeowners fell in May to the lowest level since July 2008.
Foreclosures also dropped last month to 4,090, their lowest since November 2009.
Nationally bank repossessions hit a record monthly high in May, according to RealtyTrac, the online marketer of foreclosed properties. Lenders took back 93,777 properties, up 1% from the previous month's record and 44% from the same period a year earlier.
The U.S. Treasury Department, which manages the federal housing plan to slow foreclosures, reported increases in both trial and permanent loan modifications in the Valley during April.
Foreclosure filings, meanwhile, nationally fell by 3% from a month earlier and edged up less than 1% from May 2009. One in every 400 homes received a foreclosure notice last month. In Phoenix One in every 169 properties received a foreclosure notice in May.
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