ARIZONA FORECLOSURE ACTIVITY DOWN 9 PERCENT IN SEPTEMBER

Filings Statewide Increase 61 Percent From September 2007; Rate Ranks No. 4

 

IRVINE, Calif. – Oct. 27, 2008 – Arizona reported 12,982 properties with foreclosure filings in September, a 9 percent decline from the previous month but still 61 percent above the total reported in September 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 201 Arizona households 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.

 

“In September Arizona gave back a little of the increase in foreclosure activity the state had seen over the two previous months, but overall activity is still up substantially from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Since the beginning of the year the state has consistently posted one of the five highest foreclosure rates in the country. Unemployment is up one and a half percent since January 2008. While home sales were up in September, with 44 percent of those sales being discounted foreclosure properties, home prices were down by double-digits on an annual basis. All told, the Arizona market has not seen the end of the foreclosure phenomenon yet.

 

Foreclosure activity in The Grand Canyon State was far below national leader California which reported 69,548 properties with foreclosure filings in September. The state’s activity was also much lower than second place Florida, which documented 47,956 properties with foreclosure filings for the month. The state barely lost out on coming in third highest to Nevada, which reported 13,022 properties with foreclosure filings. Ohio ranked fifth, reporting 11,470 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in September were Michigan, Illinois, Georgia, Texas and New Jersey.

 

Maricopa County leads the pack in foreclosure activity once again in September

Maricopa County far and away led Arizona in foreclosure activity in September, reporting 9,631 properties with foreclosure filings. Not even close was Pinal County with the second highest total in Arizona, reporting 1,222 properties with foreclosure filings for the month. Pima County came in third, reporting 975 properties with foreclosure filings. Fourth highest was Mohave County, where 392 properties with foreclosure filings were reported. Yavapai County reported 319 properties with foreclosure filings, the fifth highest total in the state for the month.

 

Pinal County posts top foreclosure rate in the state for September

Pinal County once again posted the highest county foreclosure rate in Arizona for September, with one in every 104 households receiving a foreclosure filing — 1.9 times the state average and 4.6 times the national average. Maricopa County registered the second highest rate, where one in every 155 households received a foreclosure filing — 1.3 times the state average and 3.1 times the national average. Mohave County recorded the third highest rate, with one in every 252 households receiving a foreclosure filing during the month.

 

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

Arizona accounted for 5 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 U.S. households receiving 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 – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

Arizona

56

0

9,148

0

3,778

12,982

201

2.37

n/a

 

 

 

 

 

 

 

 

 

 

Apache

0

0

3

0

0

3

10,747

0.04

0.02

Cochise

0

0

105

0

20

125

450

1.06

0.45

Coconino

0

0

38

0

6

44

1,345

0.35

0.15

Gila

0

0

20

0

9

29

1,042

0.46

0.19

Graham

0

0

7

0

2

9

1,331

0.36

0.15

Greenlee

0

0

3

0

0

3

1,250

0.38

0.16

La Paz

0

0

5

0

0

5

3,122

0.15

0.06

Maricopa

42

0

6,729

0

2,860

9,631

155

3.06

1.29

Mohave

2

0

251

0

139

392

252

1.89

0.80

Navajo

0

0

31

0

12

43

1,224

0.39

0.16

Pima

5

0

626

0

344

975

429

1.11

0.47

Pinal

4

0

914

0

304

1,222

104

4.58

1.93

Santa Cruz

0

0

41

0

7

48

339

1.40

0.59

Yavapai

2

0

252

0

65

319

319

1.49

0.63

Yuma

1

0

123

0

10

134

638

0.74

0.31

 

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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