ARIZONA FORECLOSURE ACTIVITY INCREASES 6 PERCENT IN FIRST QUARTER

State Activity Up 79 Percent From Q1 2008; Foreclosure Rate Ranks No. 2

Monthly Activity Up 4 percent in March, Surges 105 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 49,119 Arizona properties in the first quarter of 2009, a 6 percent increase from the previous quarter and 79 percent ahead of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 54 Arizona housing units received a foreclosure filing during the quarter, the second highest state foreclosure rate in the nation.

 

The Grand Canyon State reported 18,876 properties with foreclosure filings in March, a 4 percent increase from the previous month and 105 percent above its March 2008 total.

 

Arizona foreclosures are up significantly, both in the first quarter and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s home prices fell more than three times the national average in 2008 and more than 180,000 jobs have been lost so far during the past year. These factors are undoubtedly driving the surge we’re seeing now in foreclosure activity.”

 

Although Arizona documented the third highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 54 housing units receiving a foreclosure filing during the quarter — came in second place above California and Florida, but behind first-place Nevada. One in every 27 Nevada housing units received a foreclosure filing during the quarter, while one in every 58 California housing units and one in every 73 Florida housing units received foreclosure filings.

 

Other states with foreclosure rates among the 10 highest were Illinois, Michigan, Georgia, Idaho and Utah.

 

Five counties account for bulk of state total for the quarter

Five Arizona counties accounted for 97 percent of the state’s overall foreclosure activity during the first quarter. Maricopa County came in first place, reporting 37,683 properties with foreclosure filings. Pinal County was second, reporting 3,699 properties with foreclosure filings for the quarter. Pima County was close behind in third, reporting 3,282 properties with foreclosure filings. Mohave County registered the fourth highest total, documenting 1,530 properties with foreclosure filings. Fifth highest total was tallied in Yavapai County, where 1,273 properties with foreclosure filings were reported.

 

Pinal County scores highest rate in the state for first quarter

With one in every 37 housing units receiving a foreclosure filing — 1.5 times the state average and 4.3 times the national average — Pinal County had the highest foreclosure rate in the state for the quarter. Maricopa County came in second, with one in every 41 housing units receiving a foreclosure filing — 1.3 times the state average and 3.9 times the national average. Third highest rate was documented in Mohave County, where one in every 66 housing units received a foreclosure filing during the month — 2.4 times the national average.

 

State a significant contributor to nation’s foreclosure total for Q1 2009

Arizona accounted for 6 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter  — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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 – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

Arizona

21

0

35,079

0

14,019

49,119

54

6.22%

79.24%

 

 

 

 

 

 

 

 

 

 

Apache

0

0

16

0

3

19

1,707

90.00%

90.00%

Cochise

0

0

208

0

23

231

248

43.48%

106.25%

Coconino

1

0

250

0

30

281

214

91.16%

155.45%

Gila

0

0

113

0

27

140

218

60.92%

268.42%

Graham

0

0

35

0

7

42

294

5.00%

121.05%

Greenlee

0

0

6

0

1

7

535

40.00%

600.00%

La Paz

0

0

26

0

2

28

560

0.00%

100.00%

Maricopa

8

0

26,861

0

10,814

37,683

41

7.01%

78.47%

Mohave

0

0

1,026

0

504

1,530

66

8.66%

101.32%

Navajo

0

0

165

0

29

194

277

28.48%

90.20%

Pima

7

0

2,389

0

886

3,282

130

-8.78%

76.07%

Pinal

5

0

2,457

0

1,237

3,699

37

-3.07%

83.03%

Santa Cruz

0

0

155

0

86

241

71

77.21%

38.51%

Yavapai

0

0

961

0

312

1,273

82

35.71%

84.23%

Yuma

0

0

411

0

58

469

185

-7.31%

25.40%

 

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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