ARIZONA FORECLOSURE ACTIVITY INCREASES 43 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 198 Percent From a Year Ago; Foreclosure Rate Ranked No. 6 in Nation

 

IRVINE, Calif. – June 15, 2007 – Arizona reported 5,918 foreclosure filings in May, a 43 percent increase from the previous month and a 198 percent gain from the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

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.

 

“Real estate investors helped sparked the run-up in home sales and prices during the Arizona‘s housing boom,” said James J. Saccacio, chief executive officer of RealtyTrac. “Now it appears that boom is coming to an end, with home price appreciation slowing and sales inventory growing. Homeowners in distress may have more trouble avoiding foreclosure in such an environment.

 

Arizona ranked ninth in the country in total foreclosures reported for May. The state’s foreclosure rate of one foreclosure filing for every 370 households ranked sixth among the 50 states and was 1.8 times the national average.

 

Maricopa County accounts for most of state’s foreclosure activity

Maricopa County accounted for 76 percent of all foreclosure activity in the state for May, with 4,510 foreclosure filings during the month. Pima County came in second, reporting 571 foreclosure filings. Pinal County documented the third highest total, with 416 foreclosure filings entering some part of the foreclosure pipeline.

 

Pinal County reports highest foreclosure rate in state

Pinal County tallied the highest foreclosure rate in Arizona for May, with one foreclosure filing for every 195 households — 1.9 times the state average and 3.4 times the national average. Maricopa County had the second highest foreclosure rate, one foreclosure filing for every 277 households — 1.3 times the national average and 2.4 times the national average. Mohave County reported the third highest rate, one foreclosure filing for every 491 households.

 

State makes significant contribution to national total

Total foreclosure filings in Arizona accounted for 3 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 656 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.

 

 

                             Arizona Foreclosure Market by County – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Arizona

0

4

4,994

21

899

5,918

370

1.77

n/a

 

 

 

 

 

 

 

 

 

 

Apache

0

0

2

0

1

3

10,540

0.06

0.03

Cochise

0

0

3

0

4

7

7,304

0.08

0.05

Coconino

0

0

15

0

1

16

3,340

0.19

0.11

Gila

0

0

7

0

2

9

3,132

0.20

0.12

Graham

0

0

3

0

0

3

3,810

0.17

0.09

Greenlee

0

0

1

0

0

1

3,744

0.17

0.09

La Paz

0

0

1

0

2

3

5,044

0.13

0.07

Maricopa

0

2

3,729

15

764

4,510

277

2.36

1.33

Mohave

0

0

137

1

25

163

491

1.33

0.75

Navajo

0

0

10

1

4

15

3,161

0.20

0.11

Pima

0

0

535

0

36

571

642

1.02

0.57

Pinal

0

1

378

4

33

416

195

3.36

1.89

Santa Cruz

0

0

2

0

1

3

4,345

0.15

0.08

Yavapai

0

1

142

0

17

160

511

1.28

0.72

Yuma

0

0

29

0

9

38

1,951

0.34

0.19

 

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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