ARIZONA FORECLOSURE ACTIVITY DOWN 14 PERCENT IN APRIL

Activity Level Up 40 Percent From April 2008; Fourth Highest Rate in Nation

 

IRVINE, Calif. – May 29, 2009 – Foreclosure filings were reported on 16,245 Arizona properties in April, a 14 percent decline from the previous month, but still 40 percent above the level reported for April 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 164 Arizona housing units received a foreclosure filing during the month, the fourth highest state foreclosure rate in the nation.

 

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.

 

“Foreclosure activity in Arizona slowed down in April, but was still significantly higher than a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Activity could continue to drop in the coming months if lenders begin working with homeowners on the loan modifications called for in the latest federal housing plan.”

 

Arizona had the fourth highest total trailing third place Nevada by just 21 properties with foreclosure filings.  California continued to lead the nation with 96,560 properties with foreclosure filings.  Florida maintained second place with 64,588 properties with foreclosure filing. Illinois came in fifth highest, tallying 13,647 properties with foreclosure filings. Ohio, Georgia, Texas, Michigan and Virginia completed the nation’s top 10 for total properties with foreclosure filings in April.

 

Maricopa County accounts for most of the state’s foreclosure activity in April

Maricopa County led the state in foreclosure activity for April, reporting 11,233 properties with foreclosure filings. Pima County reported 1,792 properties with foreclosure filings, the state’s second highest county total. Pinal County came in third highest, reporting 1,501 properties with foreclosure filings. Mohave County came in fourth, documenting 573 properties with foreclosure filings, while the fifth highest total was in Yavapai County, where 504 properties with foreclosure filings were reported for the month.

 

Pinal County post state’s top foreclosure rate

With one in every 92 housing units receiving a foreclosure filing — 1.8 times the state average and 4.1 times the national average — Pinal County posted the highest foreclosure rate in the state for April. Maricopa County had the second highest rate, with one in every 136 housing units receiving a foreclosure filing — 1.2 times the state average and 2.8 times the national average. Third highest rate was documented in Mohave County, where one in every 177 housing units received a foreclosure filing during the month — 2.1 times the national average.

 

State a significant contributor to nation’s foreclosure total in April

Arizona accounted for 5 percent of the 342,038 properties with foreclosure filings reported nationwide in April. The national total represented a negligible increase in activity from the previous month but was still 32 percent ahead of the total reported for April 2008. One in every 374 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.

 

       Arizona Foreclosure Market Data by County – April 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 09

% Chg Apr 08

 

 

 

 

 

 

 

 

 

 

United States

65,456

76,608

100,559

35,512

63,903

342,038

374

0.25

32.25

Arizona

4

0

12,595

0

3,646

16,245

164

-13.94

39.77

 

 

 

 

 

 

 

 

 

 

Apache

0

0

3

0

2

5

6,487

150.00

25.00

Cochise

0

0

78

0

36

114

502

44.30

111.11

Coconino

0

0

66

0

37

103

584

1.98

212.12

Gila

1

0

34

0

11

46

663

-31.34

53.33

Graham

0

0

17

0

2

19

650

-9.52

375.00

Greenlee

0

0

0

0

0

0

 n/a

-100.00

 n/a

La Paz

0

0

11

0

4

15

1,046

7.14

150.00

Maricopa

3

0

8,851

0

2,379

11,233

136

-21.62

23.55

Mohave

0

0

414

0

159

573

177

16.23

52.80

Navajo

0

0

84

0

21

105

512

2.94

191.67

Pima

0

0

1,293

0

499

1,792

238

42.45

93.52

Pinal

0

0

1,177

0

324

1,501

92

-5.36

98.02

Santa Cruz

0

0

53

0

15

68

250

-13.92

195.65

Yavapai

0

0

371

0

133

504

208

-4.36

169.52

Yuma

0

0

143

0

24

167

520

-21.23

75.79

 

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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