Here is the latest in the Phoenix metro on mortgage defaults, trustee sales and foreclosed properties per an update from Sarah Moran of Equity Title:

Distressed properties are thinning out.

"Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.

• At the end of November 2011, there were 20,009 Active Default Residential Properties. This is down by 1903 units from the previous month when there were 21,903 Active Default Residential Properties. This is the 12th consecutive month that we have seen decreases in the number of Active Notices. FYI: The All-Time high was in December of 2009 when there were 47,606 Active Default Residential Properties.

Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee's Deed.

• Foreclosures hit an All-Time, one-month high in March 2010 with 5,451. Last month, there were 2,436 Foreclosures. This was up by 204 units from October.

REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).

• There are currently 9,870 Residential REO Properties - vs. last month when there were 10,451. This is a drop of 581 REO units in one month! In November 2010, there were 19,986 REO Properties - so we are down by 48% from then. There are approximately 2,310 REO Properties listed in the MLS, with an additional 2,632 REO Properties that are in Pending Status in the MLS. This means that there are approximately 4,928 REO Properties that are Foreclosed on, but have not yet been listed in the MLS."