ARIZONA FORECLOSURE ACTIVITY DOWN 8 PERCENT IN JANUARY

Filings Statewide Increase 62 Percent From January 2008; Rate Ranks No.3

 

IRVINE, Calif. – Feb. 27, 2009 – Foreclosure filings were reported on 14,674 Arizona properties in January, down 8 percent from the previous month but still 62 percent above the level reported for January 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 182 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.

 

“Although Arizona foreclosures decreased slightly on a monthly basis for January, the state still ranked third highest level of foreclosure activity in the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s home prices, which fell three times as fast as the national average during the past year, rising unemployment and the nationwide economic crisis, are all contributing the high level of foreclosure activity the state is experiencing.”

 

The Grand Canyon State came in a distant third behind national leader California, which reported 76,761 properties with foreclosure filings in January. The state was also below second place Florida, which reported 40,770 properties with foreclosure filings for the month. Illinois came in a close fourth, documenting 14,447 properties with foreclosure filings, followed by Nevada which took fifth place by a narrow margin, reporting 14,444 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in January were Michigan, Ohio, Georgia, Texas and Virginia.

 

Five counties account for bulk of state activity in January

Five Arizona counties accounted for 97 percent of all foreclosure activity in the state during January. Maricopa County led the pack, reporting 11,525 properties with foreclosure filings for the month. Pima County was second highest, reporting 1,021 properties with foreclosure filings. Pinal County came in third place, reporting 923 properties with foreclosure filings. Mohave County placed fourth, documenting 422 properties with foreclosure filings. Fifth highest total activity was in Yavapai County, where 313 properties with foreclosure filings were reported.

 

Maricopa County posts state’s highest foreclosure rate for January

With one in every 133 housing units receiving a foreclosure filing — 1.4 times the state average and 3.5 times the national average — Maricopa County reported the highest foreclosure rate in the state for January. Pinal County posted the state’s second highest rate, with one in every 149 housing units receiving a foreclosure filing — 1.2 times the state average and 3.1 times the national average. Third highest rate was documented in Mohave County, where one in every 240 housing units received a foreclosure filing during the month — 1.9 times the national average.

 

State contributed 5 percent to nation’s foreclosure total in January

Arizona accounted for 5 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 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 – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

Arizona

1

0

10,128

0

4,545

14,674

182

2.56

n/a

 

 

 

 

 

 

 

 

 

 

Apache

0

0

3

0

1

4

8,108

0.06

0.02

Cochise

0

0

97

0

3

100

572

0.81

0.32

Coconino

0

0

42

0

6

48

1,254

0.37

0.14

Gila

0

0

28

0

10

38

802

0.58

0.23

Graham

0

0

9

0

2

11

1,123

0.41

0.16

Greenlee

0

0

1

0

0

1

3,746

0.12

0.05

La Paz

0

0

9

0

2

11

1,426

0.33

0.13

Maricopa

0

0

7,914

0

3,611

11,525

133

3.51

1.37

Mohave

0

0

262

0

160

422

240

1.94

0.76

Navajo

0

0

43

0

12

55

977

0.48

0.19

Pima

1

0

738

0

282

1,021

417

1.12

0.44

Pinal

0

0

596

0

327

923

149

3.13

1.22

Santa Cruz

0

0

39

0

5

44

386

1.21

0.47

Yavapai

0

0

212

0

101

313

334

1.39

0.54

Yuma

0

0

135

0

23

158

549

0.85

0.33

                   

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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