Arizona Foreclosure Activity Lower in Second Quarter

Activity level drops 18 percent from Q1; rate 2nd highest in nation

Filings decline 2 percent mid-year; down 10 percent in June

 

Arizona reported 45,613 properties with foreclosure filings for the second quarter of 2010, an 18 percent drop from the first quarter and 5 percent below the level reported in the second quarter of 2009.  One in every 60 Arizona housing units received a foreclosure filing during the quarter, giving the state the second highest foreclosure rate in the nation.

 

Activity level also fell during the first half of 2010 as well as for the month of June. For the first six months of the year, Arizona reported 91,484 properties with foreclosure filings, a 2 percent decline from the second half of 2009, but still 2 percent above the level reported mid-year 2009. In June the state tallied 14,424 properties with foreclosure filings, a decrease of 11 percent from the previous month and down 14 percent from June 2009.

 

“Foreclosure activity remains a problem Arizona, although things appear to be improving so far in 2010 on a monthly, quarterly and semi-annual basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosures continue to be of concern to homeowners, however, due to the state ranking the nation’s second highest foreclosure rate along with an unemployment rate that is on par with the national average.”

 

California continues to lead the nation in total foreclosure activity, tallying 192,422 properties with foreclosure filings during the second quarter. Florida held on to second place, documenting 139,693 properties with foreclosure filings. Illinois narrowly stayed in fourth place, reporting 45,567 properties with foreclosure filings for the quarter. Michigan was fifth once again, reporting 45,451 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the second quarter were Nevada (38,077), Georgia (38,072), Texas (32,800), Ohio (30,644), and New Jersey (21,977). The nation’s top five accounted for 52 percent of all foreclosure filings in the nation for the quarter.

 

Pinal County posts state’s top foreclosure rate for the quarter

Pinal County posted the highest county foreclosure rate in the state during the second quarter, with one in every 36 housing units receiving a foreclosure filing — four times the national average and 1.7 times the state average. With one in every 49 housing units receiving a foreclosure filing — 2.9 times the national average and 1.2 times the state average — Maricopa County came in second highest in the state. Mohave County had the third highest rate with one in every 70 housing units receiving a foreclosure filing — 2.1 times the national average.

 

Maricopa County leads state in total foreclosures for the second quarter

Maricopa County reported 31,835 properties with foreclosure filings for the quarter. Pima County had the second highest total, reporting 4,698 properties with foreclosure filings. Reporting 4,024 properties with foreclosure filings for the quarter, Pinal County came in third. Mohave County was fourth, reporting 1,453 properties with foreclosure filings. Fifth highest was Yavapai County, where 1,427 properties with foreclosure filings were reported for the quarter.

 

State a major contributor to nation’s quarterly foreclosure total

Foreclosure activity in Arizona represented 5 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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: 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 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Arizona

36

6

28,278

0

17,293

45,613

60

2.41

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

1

0

2,239

0

1,784

4,024

36

3.99

1.65

Maricopa

31

6

20,085

0

11,713

31,835

49

2.92

1.21

Mohave

0

0

847

0

606

1,453

70

2.05

0.85

Yavapai

0

0

822

0

605

1,427

74

1.94

0.80

Santa Cruz

1

0

141

0

74

216

80

1.79

0.74

 

 

Arizona Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Arizona

36

6

28,278

0

17,293

45,613

60

-18.09

-4.80

 

 

 

 

 

 

 

 

 

 

Maricopa

31

6

20,085

0

11,713

31,835

49

-17.66

-8.59

Pima

3

0

2,993

0

1,702

4,698

91

2.15

7.24

Pinal

1

0

2,239

0

1,784

4,024

36

-38.43

2.86

Mohave

0

0

847

0

606

1,453

70

-19.68

-15.28

Yavapai

0

0

822

0

605

1,427

74

-11.59

-1.72

 

 

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