ARIZONA FORECLOSURES DECREASE 25 PERCENT IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 44 Percent From a Year Ago; Rate in Nation’s Top 10

 

IRVINE, Calif. – March 26, 2007 – Arizona reported 3,116 foreclosure filings in February, a 25 percent drop from the previous month, but still a 44 percent gain from the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Though Arizona continues to report job growth, foreclosure activity within the state remains high compared to last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “It should be noted, however, that foreclosure activity is a lagging indicator of economic growth.”

 

Arizona ranked 14th in the country in total foreclosures reported for February. The state’s foreclosure rate of one foreclosure filing for every 703 households ranked 9th among the 50 states.

 

Maricopa County accounts for most of state’s foreclosure activity

The 2,073 foreclosure filings in Maricopa County accounted for two-thirds of all foreclosure activity in the state for February. Pima County came in second, reporting 362 foreclosure filings. The third highest total was in Pinal County, reporting 252 filings in the foreclosure pipeline.

 

Pinal County reports highest foreclosure rate in state

Pinal County tallied the highest foreclosure rate in Arizona for February, with one foreclosure filing for every 322 households — 2.2 times the state average and 2.8 times the national average. Mohave County had the second highest foreclosure rate, reporting one foreclosure filing for every 482 households — 1.5 times the state average and 1.8 times the national average. Maricopa County reported the third highest rate, one foreclosure filing for every 603 households — 1.2 times the state average and 1.5 times the national average.

 

State makes minor contribution to national total

The total number of foreclosure filings in Arizona accounted for more than 2 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                    Arizona Foreclosure Market by County – February 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

Arizona

1

7

2,871

14

223

3,116

703

1.26

n/a

 

 

 

 

 

 

 

 

 

 

Apache

0

0

1

0

0

1

31,621

0.03

0.02

Cochise

0

0

16

0

1

17

3,007

0.29

0.23

Coconino

0

0

28

0

2

30

1,781

0.50

0.39

Gila

0

0

3

0

1

4

7,047

0.13

0.10

Graham

0

0

6

0

1

7

1,633

0.54

0.43

Greenlee

0

0

1

0

0

1

3,744

0.24

0.19

La Paz

0

0

7

0

0

7

2,162

0.41

0.32

Maricopa

1

4

1,889

9

170

2,073

603

1.47

1.16

Mohave

0

0

154

2

10

166

482

1.83

1.46

Navajo

0

0

40

0

1

41

1,156

0.76

0.61

Pima

0

0

342

1

19

362

1,013

0.87

0.69

Pinal

0

3

240

0

9

252

322

2.75

2.18

Santa Cruz

0

0

13

0

0

13

1,003

0.88

0.70

Yavapai

0

0

79

0

4

83

985

0.90

0.71

Yuma

0

0

52

2

5

59

1,257

0.70

0.56

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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