"Wells Fargo economists predict that the state's foreclosure rate could touch historic levels by 2016. The Arizona housing market continues to move sideways while median prices continue to drop. In fact, median home prices for single-family homes are at levels not seen since 1999 and housing affordability is at levels not seen since 2003, according to Arizona State University's Realty Studies Web site.
"At the same time, Arizona's foreclosure rate stood at 3.09 percent in September 2011, compared to 3.14 percent for the previous month and 3.82 percent in September 2010. Thus, the foreclosure situation continues to improve but at a snail's pace."