ALASKA FORECLOSURE ACTIVITY DOWN 20 PERCENT IN AUGUST

Foreclosure Activity Increases 26 Percent From August 2007

 

IRVINE, Calif. – Sept. 26, 2008 – Alaska reported 165 properties with foreclosure filings in August, down 20 percent from the previous month but still 26 percent above the level reported for August 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.

 

“After three months of rising activity, foreclosures in Alaska decreased significantly in August, but are still up from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment remains above the national average. Home prices have also declined substantially on a yearly basis. Both factors are contributing the overall upward trend in foreclosures.”

 

Alaska ranked 44th in the country in total foreclosures for the month. With one in every 1,676 households receiving a foreclosure filing, its foreclosure rate ranked 37th among the 50 states.

 

Top three boroughs responsible for bulk of state’s foreclosure activity

Three Alaska counties accounted for 92 percent of all foreclosure activity in the state for August. Anchorage Municipality tallied the highest total, reporting 72 properties with foreclosure filings for the month. Matanuska Susitna Borough came in second, documenting 58 properties with foreclosure filings. Fairbanks North Star Borough had the third highest total, reporting 22 properties with foreclosure filings.

 

Matanuska Susitna Borough posts top foreclosure rate for August

Matanuska Susitna Borough tallied the highest foreclosure rate in the state for August, with one in every 489 households receiving a foreclosure filing for the month — 3.4 times the state average. Anchorage Borough posted the state’s second highest rate, with one in every 1,531 households receiving a foreclosure filing during the month — 1.1 times the state average. The third highest rate in the state was reported in Fairbanks North Star Borough, where one in every 1,553 households received a foreclosure filing in August — also 1.1 times the state average.

 

State a minor contributor to nation’s foreclosure total in August

Alaska accounted for less than 1 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents more than a 12 percent increase from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

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

 

             Alaska Foreclosure Market Data by Borough – August 2008

 

Borough

NOD

LIS

NTS

NFS

REO

Total

1/every X  HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Alaska

0

0

144

0

21

165

1,676

0.25

n/a

 

 

 

 

 

 

 

 

 

Aleutians East Borough

0

0

0

0

0

0

 n/a

0.00

0.00

Aleutians West Census Area

0

0

0

0

0

0

 n/a

0.00

0.00

Anchorage Municipality

0

0

59

0

13

72

1,531

0.27

1.09

Bethel Census Area

0

0

0

0

0

0

 n/a

0.00

0.00

Bristol Bay Borough

0

0

0

0

0

0

 n/a

0.00

0.00

Denali Borough

0

0

0

0

0

0

 n/a

0.00

0.00

Dillingham Census Area

0

0

0

0

0

0

 n/a

0.00

0.00

Fairbanks North Star Borough

0

0

21

0

1

22

1,553

0.27

1.08

Haines Borough

0

0

0

0

0

0

 n/a

0.00

0.00

Juneau City and Borough

0

0

1

0

0

1

12,771

0.03

0.13

Kenai Peninsula

0

0

5

0

1

6

4,223

0.10

0.40

Ketchikan Gateway Borough

0

0

2

0

0

2

3,268

0.13

0.51

Kodiak Island

0

0

1

0

0

1

5,600

0.07

0.30

Lake and Peninsula Borough

0

0

0

0

0

0

 n/a

0.00

0.00

Matanuska Susitna Borough

0

0

53

0

5

58

489

0.85

3.43

Nome Census Area

0

0

0

0

1

1

3,679

0.11

0.46

North Slope Borough

0

0

0

0

0

0

 n/a

0.00

0.00

Northwest Arctic Borough

0

0

0

0

0

0

 n/a

0.00

0.00

Prince Wales Ketchikan Census Area

0

0

0

0

0

0

 n/a

0.00

0.00

Sitka City and Borough

0

0

0

0

0

0

 n/a

0.00

0.00

Skagway Hoonah Angoon Census Area

0

0

0

0

0

0

 n/a

0.00

0.00

Southeast Fairbanks Census Area

0

0

1

0

0

1

3,338

0.12

0.50

Valdez Cordova Census Area

0

0

0

0

0

0

 n/a

0.00

0.00

Wade Hampton Census Area

0

0

0

0

0

0

 n/a

0.00

0.00

Wrangell Petersburg Census Area

0

0

0

0

0

0

 n/a

0.00

0.00

Yakutat City and Borough

0

0

0

0

0

0

 n/a

0.00

0.00

Yukon Koyukuk Census Area

0

0

1

0

0

1

4,047

0.10

0.41

 

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 homes, 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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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