ARIZONA FORECLOSURE ACTIVITY DECREASES 1 PERCENT IN JUNE

Activity Up 127 Percent From June 2007; Foreclosure Rate Ranks No. 3

 

IRVINE, Calif. – July 28, 2008 – Arizona reported 12,950 properties with foreclosure filings in June, the fourth highest activity total in the nation. The state’s foreclosure activity in June was down less than 1 percent from the previous month but still 127 percent above the level reported for June 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 201 households receiving a foreclosure filing during June, the state’s foreclosure rate ranked third highest in the nation for the third consecutive month.

 

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.

 

“On a month-over-month basis, this most recent decline in foreclosure activity for Arizona is negligible. The bigger, and more telling picture, is the large yearly surge in the state from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosure activity is a lagging indicator of an economy’s health. So even though unemployment is below the national average, with home sales and average sales prices still down on a yearly basis, elevated foreclosure activity is expected to continue into the foreseeable future.

 

Although it continues to rank high on the national scale, foreclosure activity in the Grand Canyon State pales in comparison to national leader California, which reported 68,666 properties with foreclosure filings for June. Arizona also trails well behind second ranked Florida, which reported 40,351 properties with foreclosure filings. Ohio came in third, reporting 13,194 properties with foreclosure filings for the month. Michigan placed fifth, reporting 12,025 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties foreclosure filings in June were Texas, Georgia, Nevada, Illinois and New York.

 

Maricopa, Pinal counties lead state in foreclosure activity in June

Maricopa and Pinal counties combined accounted for 86 percent of all foreclosure filings in the state for June. As it has for many months, Maricopa County topped all counties, reporting 10,118 properties with foreclosure filings for the month. Pinal County was a distant second, documenting 1,003 properties with foreclosure filings. Third highest was Pima County, reporting 834 properties with foreclosure filings. Mohave County came in fourth, reporting 328 properties with foreclosure filings. Fifth highest was in Yavapai County, where 306 properties with foreclosure filings were reported in June.

 

Pinal County posts state’s highest foreclosure rate for June

With one in every 126 households receiving a foreclosure filing — 1.6 times the state average and four times the national average — Pinal County posted the highest foreclosure rate in the state for June. Maricopa County tallied the second highest rate, with one in every 148 households receiving a foreclosure filing during the month — 1.4 times the state average and 3.4 times the national average. Third highest rate was in Mohave County, where one in every 301 households received a foreclosure filing — 1.7 times the national average.

 

State a major contributor in nation’s foreclosure total in June

Arizona accounted for 5 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents a decrease of more than 3 percent from the previous month but is still 53 percent ahead of the total reported for June 2007. One in every 501 U.S. households 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.

 

                   Arizona Foreclosure Market Data by County – June 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

Arizona

7

0

8,646

0

4,297

12,950

201

2.49

n/a

 

 

 

 

 

 

 

 

 

Apache

0

0

7

0

2

9

3,582

0.14

0.06

Cochise

0

0

41

0

19

60

937

0.53

0.21

Coconino

0

0

32

0

19

51

1,160

0.43

0.17

Gila

0

0

4

0

0

4

7,551

0.07

0.03

Graham

0

0

7

0

3

10

1,198

0.42

0.17

Greenlee

0

0

0

0

0

0

n/a

0.00

0.00

La Paz

0

0

2

0

2

4

3,902

0.13

0.05

Maricopa

0

0

6,822

0

3,296

10,118

148

3.39

1.36

Mohave

0

0

171

0

157

328

301

1.66

0.67

Navajo

0

0

45

0

37

82

642

0.78

0.31

Pima

6

0

596

0

232

834

501

1.00

0.40

Pinal

1

0

604

0

398

1,003

126

3.96

1.59

Santa Cruz

0

0

19

0

4

23

708

0.71

0.28

Yavapai

0

0

200

0

106

306

333

1.50

0.60

Yuma

0

0

96

0

22

118

724

0.69

0.28

 

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

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