ARIZONA FORECLOSURE ACTIVITY DOWN 25 PERCENT IN NOVEMBER

Filings Statewide Increase 128 Percent From November 2007; Rate Ranks No.3

 

IRVINE, Calif. – Dec. 29, 2008 – Total foreclosure filings in Arizona dropped significantly in November, declining 25 percent to 13,136 properties with foreclosure filings, but still 128 percent above of the level reported in November 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 198 Arizona housing units received a foreclosure filing during the month, the third 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 is up substantially from the beginning of the year and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Much of this latest decline can be attributed to an increase in home sales during the third quarter, taking Arizona to fifth place nationally, the lowest it’s been in months. Even so, the recent sales boost is a direct affect of foreclosure inventory selling at dramatically reduced prices. Without more, we expect to see foreclosure activity continue statewide for the foreseeable future.”

 

The Grand Canyon State fell from third to fifth place lagging way behind national leader California, reporting 60,491 properties with foreclosure filings, and second place Florida, reporting 49,190 properties with foreclosure filings in November. Taking over third place was Michigan, reporting 14,594 properties with foreclosures, followed by fourth place Nevada, documenting 13,962 properties with foreclosure filings for the month. The remaining states in the nation’s top 10 for total properties with foreclosure filings in November were Ohio, Georgia, Illinois, Texas and Virginia.

 

Five counties lead state in foreclosure activity for November

The state’s top five counties accounted for 97 percent of the activity in the state during the month. Leading the way was Maricopa County, reporting 9,936 properties with foreclosure filings in November. The second highest total was in Pima County, reporting 1,183 properties with foreclosure filings. Pinal County was close behind in third place, reporting 1,168 properties with foreclosure filings. Mohave County came in fourth place, documenting 323 properties with foreclosure filings, followed by Yavapai County in fifth place, reporting 186 properties with foreclosure filings.

 

Pinal County posts top foreclosure rate for November

With one in every 109 housing units receiving a foreclosure filing — 1.8 times the state average and 4.5 times the national average — Pinal County reported the highest rate in the state for the month. The second highest rate was reported in Maricopa County, where one in every 151 housing units received a foreclosure filing — 1.3 times the state average and 3.2 times the national average. Third highest rate was documented in Mohave County, where one in every 306 housing units received a foreclosure filing during the month — 1.6 times the national average.

 

State a major contributor to nation’s foreclosure total in November

Arizona accounted for 5 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 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 – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

Arizona

110

0

8,075

0

4,951

13,136

198

2.46

n/a

 

 

 

 

 

 

 

 

 

 

Apache

0

0

2

0

1

3

10,747

0.05

0.02

Cochise

0

0

19

0

6

25

2,250

0.22

0.09

Coconino

1

0

37

0

16

54

1,096

0.44

0.18

Gila

0

0

31

0

5

36

839

0.58

0.24

Graham

0

0

3

0

0

3

3,993

0.12

0.05

Greenlee

0

0

0

0

0

0

 n/a

0.00

0.00

La Paz

2

0

4

0

0

6

2,601

0.19

0.08

Maricopa

29

0

6,065

0

3,842

9,936

151

3.24

1.32

Mohave

31

0

145

0

147

323

306

1.60

0.65

Navajo

0

0

16

0

15

31

1,698

0.29

0.12

Pima

20

0

745

0

418

1,183

354

1.38

0.56

Pinal

3

0

761

0

404

1,168

109

4.49

1.83

Santa Cruz

1

0

23

0

3

27

603

0.81

0.33

Yavapai

1

0

115

0

70

186

547

0.89

0.36

Yuma

22

0

109

0

24

155

551

0.88

0.36

 

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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