Arizona Foreclosure Activity Increases in January

Statewide filings up 4 percent from December; rate ranks #2 nationally

 

Foreclosure activity in Arizona increased in January to 21,048 properties with foreclosure filings, up 4 percent from December 2009 and 43 percent ahead of January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 129 Arizona housing units receiving a foreclosure filing in January, the state’s foreclosure rate ranked number two in the nation for the month.

                                                         

“Foreclosure activity continued its upward trend in Arizona during January and is significantly above the level reported last year,” said James j. Saccacio, chief executive officer of RealtyTrac. “The largest monthly increase was in bank-owned properties, which climbed 21 percent from December 2009. The state’s home values continue to drop further than most. This is undoubtedly fueling the recent rise in foreclosure activity.”

 

California continued to lead the nation in foreclosure activity in January, reporting 71,817 properties with foreclosure filings. Florida maintained its second place ranking, documenting 47,069 properties with foreclosure filings in January. Arizona came in third highest, reporting 21,048 properties with foreclosure filings for the month. Illinois came in fourth at 18,120 properties with foreclosure filings. Reporting 17,574 properties with foreclosure filings, Michigan had the fifth highest level of foreclosure activity during the month.

 

The rest of the nation’s top 10 states for total foreclosure activity in January were Texas (12,225), Nevada (11,854), Georgia (11,274), Ohio (11,105) and New Jersey (6,146). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation.

 

Pinal County posts top foreclosure rate in the state for January

With one in every 51 housing units receiving a foreclosure filing — 7.9 times the national average  and 2.5 times the state average — Pinal County posted the state’s highest county foreclosure rate in January. Maricopa County was second, with one in every 112 housing units receiving a foreclosure filing — 3.6 times the national average and 1.2 times the state average. Mohave County came in third, with one in every 140 housing units receiving a foreclosure filing — 2.9 times the national average. Fourth highest rate was in Santa Cruz County, where one in every 199 housing units received a foreclosure filing during the month — twice the national average. The fifth highest total was reported in Yavapai County, where one in every 200 housing units received a foreclosure filing during the month — also twice the national average.

 

Maricopa County dominates state in total foreclosure filings for January

Maricopa County led all counties, totaling 13,986 properties with foreclosure filings for the month. Pinal County was second highest, documenting 2,833 properties with foreclosure filings. Reporting 2,054 properties with foreclosure filings for the month, Pima County had the third highest total. Mohave County came in fourth highest, reporting 727 properties with foreclosure filings, followed by Yavapai County where 529 properties with foreclosure filings were reported.

 

State a significant contributor to nation’s foreclosure total in January

Arizona accounted for 7 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: DefaultNotice 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 received for a property during the month, 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 Top Foreclosure Rates By County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Arizona

4

0

12,407

0

8,637

21,048

129

2.19

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

0

0

1,922

0

911

2,833

51

7.89

2.52

Maricopa

3

0

7,945

0

6,038

13,986

112

3.61

1.15

Mohave

0

0

445

0

282

727

140

2.89

0.92

Santa Cruz

0

0

52

0

35

87

199

2.03

0.65

Yavapai

0

0

252

0

277

529

200

2.02

0.65

 

 

Arizona Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Dec 09

% Chg

Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Arizona

4

0

12,407

0

8,637

21,048

129

4.46

43.44

 

 

 

 

 

 

 

 

 

 

Maricopa

3

0

7,945

0

6,038

13,986

112

7.72

21.35

Pinal

0

0

1,922

0

911

2,833

51

-11.50

206.93

Pima

1

0

1,290

0

763

2,054

208

12.98

101.18

Mohave

0

0

445

0

282

727

140

-4.34

72.27

Yavapai

0

0

252

0

277

529

200

-8.64

69.01

 

 

 

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