ALASKA FORECLOSURE ACTIVITY UP 46 PERCENT IN 2008

Almost 2,000 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 1,946 Alaska properties in 2008, an increase of 46 percent from 2007 and a 97 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Last Frontier State reported 287 properties with foreclosure filings in December, a 60 percent increase from the previous month but down almost 11 percent from December 2007.

 

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 showed a modest increase in foreclosure activity for 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state had fewer subprime mortgages than most states. Although above the national average, the state’s unemployment rate did not rise as much as in many other parts of the country. These factors are undoubtedly insulating the region from the financial crisis gripping most of the nation.”

 

Alaska ranked 44th in the country in total foreclosures for the year. With one in every 142 housing units receiving a foreclosure filing, its foreclosure rate ranked 31st among the 50 states.

 

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

Three Alaska counties accounted for 88 percent of all foreclosure activity in the state for 2008. Anchorage Municipality led all others, reporting 980 properties with foreclosure filings for the year. Matanuska Susitna Borough came in second, reporting 500 properties with foreclosure filings. Fairbanks North Star Borough registered the third highest total, reporting 240 properties with foreclosure filings.

 

Matanuska Susitna Borough posts top foreclosure rate for 2008

Matanuska Susitna Borough posted the state’s highest foreclosure rate, with 1.76 percent of its housing units receiving at least one foreclosure filing during the year. Anchorage Municipality came in second, with 0.89 percent of its housing units receiving at least one foreclosure filing. Third highest was Fairbanks North Star Borough, where 0.70 percent of the housing stock received at least one foreclosure filing in 2008.

 

State a minor contributor to nation’s foreclosure total for 2008

Alaska accounted for less than 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 County – Yearend 2008

 

Rate Rank

Borough

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Alaska

1,946

0.70

46.10

 

 

 

 

 

20

Aleutians East Borough

0

0.00

n/a

20

Aleutians West Census Area

0

0.00

n/a

2

Anchorage Municipality

980

0.89

39.80

17

Bethel Census Area

3

0.05

n/a

20

Bristol Bay Borough

0

0.00

n/a

20

Denali Borough

0

0.00

n/a

14

Dillingham Census Area

2

0.08

n/a

3

Fairbanks North Star Borough

240

0.70

44.58

16

Haines Borough

1

0.07

n/a

6

Juneau City and Borough

45

0.35

-2.17

5

Kenai Peninsula

98

0.39

30.67

4

Ketchikan Gateway Borough

29

0.44

38.10

7

Kodiak Island

15

0.27

-34.78

20

Lake and Peninsula Borough

0

0.00

n/a

1

Matanuska Susitna Borough

500

1.76

67.22

9

Nome Census Area

5

0.14

n/a

20

North Slope Borough

0

0.00

n/a

18

Northwest Arctic Borough

1

0.04

n/a

11

Prince Wales Ketchikan Census Area

3

0.09

n/a

8

Sitka City and Borough

10

0.26

900.00

13

Skagway Hoonah Angoon Census Area

2

0.09

n/a

10

Southeast Fairbanks Census Area

4

0.12

n/a

15

Valdez Cordova Census Area

4

0.08

n/a

20

Wade Hampton Census Area

0

0.00

n/a

12

Wrangell Petersburg Census Area

3

0.09

n/a

20

Yakutat City and Borough

0

0.00

n/a

19

Yukon Koyukuk Census Area

1

0.02

n/a

 

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).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved