Alaska Foreclosure Activity Increases in October

Statewide filings increase 35 percent from September; up 18 percent from year earlier

 

Alaska foreclosure filings rose 35 percent in October from the previous month to 304 properties with foreclosure filings, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The latest monthly total is still 18 percent ahead of the state foreclosure level reported one year ago.

 

“Foreclosure activity in Alaska increased significantly in October and is still well ahead of the level reported this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although the number of new default filings fell 50 percent, properties that went up on the auction block increased 40 percent for the month. The state’s unemployment rate remained below the national average, however, home sales continue to decline while they have begun to pick up in many other states. This is another factor contributing to the rise in overall foreclosure activity.”

 

Alaska ranked 43rd in the country in total foreclosures for the month. With one in every 928 housing units receiving a foreclosure filing, its foreclosure rate ranked 33rd among the 50 states.

 

Matanuska-Susitna Borough posts state’s top foreclosure rate in October

With one in every 493 housing units receiving a foreclosure filing — 1.9 times the state average — Matanuska-Susitna Borough posted the highest county foreclosure rate in the state for October. Anchorage Municipality ranked second highest, reporting one in every 648 housing units receiving a foreclosure filing — 1.4 the state average. Kenai Peninsula had the third highest rate, with one in every 849 housing units receiving a foreclosure filing. Fourth highest foreclosure rate was in Juneau City and Borough, where one in every 918 housing units received a foreclosure filing during the month, while the fifth highest rate was reported in Fairbanks North Star Borough, where one in every 1,518 housing units received a foreclosure filing during the month.

 

Five counties dominate state in foreclosure totals during October

Five counties accounted for 98 percent of all foreclosure activity in Alaska for October. Anchorage Municipality led all counties, totaling 172 properties with foreclosure filings for the month. Matanuska-Susitna Borough was second highest, documenting 58 properties with foreclosure filings. Reporting 30 properties with foreclosure filings for the month, Kenai Peninsula was third highest in the state. Fairbanks North Star Borough came in fourth, reporting 25 properties with foreclosure filings, while the fifth highest total was in Juneau City and Borough, where 14 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in October

Alaska accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received 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 Top Foreclosure Rates by Borough – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Alaska

2

0

231

0

71

304

928

0.41

n/a

 

 

 

 

 

 

 

 

 

 

Matanuska-Susitna Borough

1

0

46

0

11

58

493

0.78

1.88

Anchorage Municipality

1

0

131

0

40

172

648

0.59

1.43

Kenai Peninsula

0

0

24

0

6

30

849

0.45

1.09

Juneau City and Borough

0

0

8

0

6

14

918

0.42

1.01

Fairbanks North Star Borough

0

0

18

0

7

25

1,518

0.25

0.61

 

 

 

 

Alaska Top Foreclosure Totals by Borough – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Alaska

2

0

231

0

71

304

928

35.11

17.83

 

 

 

 

 

 

 

 

 

 

Anchorage Municipality

1

0

131

0

40

172

648

73.74

12.42

Matanuska-Susitna Borough

1

0

46

0

11

58

493

-4.92

11.54

Kenai Peninsula

0

0

24

0

6

30

849

150.00

233.33

Fairbanks North Star Borough

0

0

18

0

7

25

1,518

-35.90

-21.88

Juneau City and Borough

0

0

8

0

6

14

918

180.00

250.00

 

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