Arizona had the third highest amount of foreclosures in the country last year and during the first quarter of 2009 Arizona has dropped to the ninth position. Phoenix is the city with most foreclosures in Arizona making one out of every 40 homeowners in foreclosure. Phoenix remains one of the hardest hit cities in the foreclosure crisis. Las Vegas, Nevada continues to be the city with the highest amount of foreclosures in the country with one out of every 22 homes in foreclosure.

It is believed that Phoenix is near reaching the bottom of falling home prices. Half of the homes for sale are from foreclosure. In southern California there are four cities with some of the highest numbers of foreclosures behind Las Vegas. Merced has the most foreclosure in California, the San Joaquin Valley. Three other cities in the valley also rank up in the top ten cities with foreclosures. They are Modesto, Stockton, and Bakersfield.

The percentage of households in the United States that are threatened by foreclosure is 24 percent. It is only a matter of time until we begin seeing the housing market turn around. Some experts believe it will take several more years before we see things change for the better while other experts believe it could be sometime soon.