ALASKA FORECLOSURE ACTIVITY UP 22 PERCENT IN FEBRUARY

Activity Increases 37 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – Alaska reported 203 properties with foreclosure filings in February, a 22 percent increase from the previous month and 37 percent above the level reported for February 2008, 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.

 

Alaska foreclosures were up both in February and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate and its decline in home sales were slightly above the national average during the past year. Both are factors contributing to the upswing in foreclosure activity statewide.”

 

Alaska ranked 43rd in the country in total foreclosures for the month. With one in every 1,390 housing units receiving a foreclosure filing, its foreclosure rate ranked 32nd among the 50 states.

 

Four boroughs account for bulk of state foreclosure activity in February

Four Alaska boroughs accounted for 98 percent of all foreclosure activity in the state during February. Anchorage Municipality led the way, reporting 75 properties with foreclosure filings for the month. Matanuska Susitna Borough was second highest, reporting 56 properties with foreclosure filings. Third highest was Fairbanks North Star Borough, reporting 51 properties with foreclosure filings. Kenai Peninsula Borough came in fourth place, documenting 16 properties with foreclosure filings.

 

Matanuska Susitna Borough posts state’s highest foreclosure rate for February

With one in every 510 housing units receiving a foreclosure filing — 2.7 times the state average — Matanuska Susitna Borough reported the highest county foreclosure rate in the state for February. Fairbanks North Star Borough came in second, with one in every 744 housing units receiving a foreclosure filing — 1.9 times the state average. Third highest rate was documented in Anchorage Municipality, where one in every 1,485 housing units received a foreclosure filing during the month — on par with the state average.

 

State contributes less than 1 percent to nation’s foreclosure total in February

Alaska accounted for less than 1 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 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 Foreclosure Market Data by Borough – February 2009

 

Borough

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Alaska

0

0

112

0

91

203

1,390

0.32

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

48

0

27

75

1,485

0.30

0.94

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

37

0

14

51

744

0.59

1.87

Haines Borough

0

0

0

0

0

0

 n/a

0.00

0.00

Juneau City and Borough

0

0

0

0

0

0

 n/a

0.00

0.00

Kenai Peninsula

0

0

8

0

8

16

1,592

0.28

0.87

Ketchikan Gateway Borough

0

0

2

0

0

2

3,280

0.13

0.42

Kodiak Island

0

0

0

0

0

0

 n/a

0.00

0.00

Lake and Peninsula Borough

0

0

0

0

0

0

 n/a

0.00

0.00

Matanuska Susitna Borough

0

0

15

0

41

56

510

0.86

2.72

Nome Census Area

0

0

0

0

0

0

 n/a

0.00

0.00

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

3,332

0.13

0.42

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

1

0

1

2

1,723

0.26

0.81

Yakutat City and Borough

0

0

0

0

0

0

 n/a

0.00

0.00

Yukon Koyukuk Census Area

0

0

0

0

0

0

 n/a

0.00

0.00

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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