Alaska Foreclosure Activity Lower in Second Quarter

Activity level drops 17 percent from Q1

Filings increase 43 percent mid-year; down 14 percent in June

 

Alaska reported 762 properties with foreclosure filings for the second quarter of 2010, a 17 percent decrease from the first quarter of the year but still nearly 30 percent above the level reported for the second quarter of 2009.

 

For the first six months of the year, Alaska reported 1,529 properties with foreclosure filings, an 8 percent drop in activity from the second half of 2009, but 43 percent above the level reported mid-year 2009. In June the state tallied 224 properties with foreclosure filings, a decrease of 14 percent from the previous month but up 7 percent from June 2009.

 

“Foreclosure activity in Alaska fell on a monthly, quarterly and semi-annual basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate is still well below the national average and its home sales did not decline as far as most states during the first quarter. These factors are definitely keeping foreclosures lower there than most states.”

 

One in every 372 Alaska housing units received a foreclosure filing during the quarter, giving the state the 35th highest foreclosure rate in the nation.

 

Matanuska-Susitna Borough posts state’s top foreclosure rate for the quarter

With one in every 193 housing units received a foreclosure filing in the county — 1.9 times the state average — Matanuska-Susitna Borough led the state with the highest borough foreclosure rate during the second quarter. Anchorage Municipality was second highest, reporting one in every 320 housing units receiving a foreclosure filing —1.2 times the state average. Fairbanks North Star Borough reported the third highest foreclosure rate in the state with one in every 339 housing units receiving a foreclosure filing during the second quarter — 1.1 times the state average.

 

Anchorage Municipality led state in total foreclosures for the second quarter

Anchorage County reported 350 properties with foreclosure filings, the highest borough foreclosure total in the state for the quarter. Second highest was Matanuska-Susitna Borough, reporting 149 properties with foreclosure filings. Reporting 112 properties with foreclosure filings for the quarter, Fairbanks North Star Borough came in third. Kenai Peninsula was fourth, reporting 73 properties with foreclosure filings. Fifth highest was Juneau City and Borough, where 37 properties with foreclosure filings were reported for the quarter.

 

State a minor contributor to nation’s quarterly total

Foreclosure activity in Alaska represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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 County – Q2 2010

 

Borough

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Alaska

2

0

490

0

270

762

372

0.39

n/a

 

 

 

 

 

 

 

 

 

 

Matanuska-Susitna Borough

0

0

99

0

50

149

193

0.75

1.93

Anchorage Municipality

1

0

226

0

123

350

320

0.45

1.16

Fairbanks North Star Borough

0

0

76

0

36

112

339

0.42

1.10

Juneau City and Borough

0

0

17

0

20

37

348

0.41

1.07

Kenai Peninsula

0

0

44

0

29

73

350

0.41

1.06

 

 

Alaska Top Foreclosure Totals by County – Q2 2010

 

Borough

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Alaska

2

0

490

0

270

762

372

-16.90

29.59

 

 

 

 

 

 

 

 

 

 

Anchorage Municipality

1

0

226

0

123

350

320

-20.45

35.66

Matanuska-Susitna Borough

0

0

99

0

50

149

193

-33.48

14.62

Fairbanks North Star Borough

0

0

76

0

36

112

339

-5.08

16.67

Kenai Peninsula

0

0

44

0

29

73

350

23.73

58.70

Juneau City and Borough

0

0

17

0

20

37

348

5.71

23.33

 

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