ARIZONA FORECLOSURE ACTIVITY DECREASES 8 PERCENT IN APRIL

Activity Up 143 Percent From a Year Earlier; Foreclosure Rate In Nation’s Top 10

 

IRVINE, Calif. – May 18, 2007 – Arizona reported 4,129 foreclosure filings in April, down almost 8 percent from the previous month, but still soaring 143 percent above of the level reported for the same month last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate — one foreclosure filing for every 530 households — was the eighth highest in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 properties from nearly 2,500 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.

 

“Foreclosure activity has been on a bit of a roller coaster ride in Arizona so far in 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “Employment growth has slowed and delinquencies from subprime mortgages have been on the rise since last year, making it tougher for many homeowners in distress to sell homes that are worth less than they currently owe on their mortgages.”

 

The Grand Canyon State registered the 10th highest foreclosure total in the nation for April, less than 100 foreclosure filings lower than ninth place Connecticut, but far behind national leader California which reported more than 30,500 foreclosure filings for the month. With more than 14,300 filings, Florida reported the second highest total. Ohio and Texas took third and fourth places respectively, both reporting totals above 11,400 filings for the month. The remainder of the nation’s top 10 included Illinois, Georgia, Michigan and Colorado. Arizona’s foreclosure rate for the month was 1.5 times the national average.

 

Maricopa County leads state in total foreclosures and foreclosure rate

Maricopa County registered the largest county foreclosure total in the state, reporting 3,097 foreclosure filings for April. The county also posted the highest foreclosure rate in the state for the month with one foreclosure filing for every 404 households — 1.3 times the state average and 1.9 times the national average.

 

Pima County tallied the second highest county total for the month, reporting 501 foreclosure filings, while Pinal County reported 192 foreclosure filings — the third highest county total.

 

Pinal County posted the second highest county foreclosure rate in the state, one foreclosure filing for every 423 households — 1.3 times the state average and 1.9 times the national average. Pima County had the state’s third highest foreclosure rate — one foreclosure filing for every 732 households — below the state average and barely 1.1 times the national average.

 

Maricopa, Pima and Pinal counties together accounted for 92 percent of all foreclosure filings in Arizona for April.

 

State makes significant contribution to national total

Total foreclosure filings in Arizona accounted for 3 percent of the 147,708 filings nationwide in April. The national total was down less than 1 percent from the previous month, but still up 62 percent from April 2006. The nation’s foreclosure rate was one foreclosure filing for every 783 U.S. households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                         rizona Foreclosure Market by County – April 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,171

49,794

7,388

21,085

22,270

147,708

783

n/a

n/a

Arizona

0

8

3,489

5

627

4,129

530

1.48

n/a

 

 

 

 

 

 

 

 

 

 

Apache

0

0

2

0

1

3

10,540

0.07

0.05

Cochise

0

0

45

0

8

53

965

0.81

0.55

Coconino

0

0

15

0

1

16

3,340

0.23

0.16

Gila

0

0

12

0

3

15

1,879

0.42

0.28

Graham

0

0

6

0

0

6

1,905

0.41

0.28

Greenlee

0

0

2

0

1

3

1,248

0.63

0.42

La Paz

0

0

4

0

1

5

3,027

0.26

0.18

Maricopa

0

5

2,556

1

535

3,097

404

1.94

1.31

Mohave

0

1

61

3

15

80

1,001

0.78

0.53

Navajo

0

0

26

0

2

28

1,693

0.46

0.31

Pima

0

1

463

0

37

501

732

1.07

0.72

Pinal

0

1

173

0

18

192

423

1.85

1.25

Santa Cruz

0

0

9

0

0

9

1,448

0.54

0.37

Yavapai

0

0

61

0

3

64

1,277

0.61

0.42

Yuma

0

0

54

1

2

57

1,301

0.60

0.41

 

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 construction properties,

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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