Alaska Foreclosure Activity Down Slightly in First Quarter

Statewide filings up significantly from last year

March numbers down from a month earlier; up from a year ago

 

Foreclosure activity in Alaska fell less than 1 percent during the first quarter of 2010, but was still up 66 percent from the same period last year. In all, the state reported 917 properties with foreclosure filings during the quarter.

 

In March the state reported 289 properties with foreclosure filings, a 12 percent decrease from the previous month, but still 29 percent above the level reported in March 2009. One in every 980 Alaska housing units received a foreclosure filing during the month, the 35th highest state foreclosure rate.

 

“Foreclosure activity in Alaska declined during the first quarter of 2010 and in March, though it remained high compared to this period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment rose to 8.6 percent in March, even as more jobs were added, sending residents mixed signals regarding whether the state’s recession and related foreclosure woes will soon turn around.”

 

One in every 309 Alaska housing units received a foreclosure filing during the first quarter – the 33rd highest state foreclosure rate in the nation.

 

Matanuska-Susitna Borough tops state in foreclosure rate for the first quarter

With one in every 128 housing units receiving a foreclosure filing — 1.1 times the national average and 2.4 times the state average — Matanuska-Susitna Borough had the highest county foreclosure rate in the state during the first quarter. Anchorage Municipality was second highest, with one in every 255 housing units receiving a foreclosure filing – 1.2 times the state average. Fairbanks North Star Borough came in third, with one in every 322 housing units receiving a foreclosure filing — on par with the state average. 

 

Anchorage Municipality had most total foreclosures in state for the first quarter

Anchorage Municipality led all counties in the state, reporting 440 properties with foreclosure filings for the month. Matanuska-Susitna Borough had the second highest total, reporting 224 properties with foreclosure filings. Reporting 118 properties with foreclosure filings for the quarter, Fairbanks North Star Borough came in third. Kenai Peninsula was fourth, reporting 59 properties with foreclosure filings. Juneau City and Borough was fifth, reporting 35 properties with foreclosure filings.

 

State a minor contributor to quarterly foreclosure total

Alaska represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By Borough/Municipality – Q1 2010

 

Borough/Munic.

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Alaska

3

0

547

0

367

917

309

0.45

n/a

 

 

 

 

 

 

 

 

 

 

Matanuska-Susitna Borough

0

0

135

0

89

224

128

1.08

2.41

Anchorage Municipality

0

0

259

0

181

440

255

0.54

1.21

Fairbanks North Star Borough

0

0

71

0

47

118

322

0.43

0.96

Juneau City and Borough

0

0

20

0

15

35

368

0.38

0.84

Haines Borough

3

0

0

0

1

4

383

0.36

0.81

 

 

Alaska Top Foreclosure Totals by Borough/Municipality – Q1 2010

 

Borough/Munic.

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Alaska

3

0

547

0

367

917

309

-0.54

66.42

 

 

 

 

 

 

 

 

 

 

Anchorage Municipality

0

0

259

0

181

440

255

-1.35

84.10

Matanuska-Susitna Borough

0

0

135

0

89

224

128

6.67

56.64

Fairbanks North Star Borough

0

0

71

0

47

118

322

13.46

16.83

Kenai Peninsula

0

0

38

0

21

59

433

-28.92

73.53

Juneau City and Borough

0

0

20

0

15

35

368

-16.67

191.67

 

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