Arizona Foreclosure Activity Picks Up in July

Statewide filings increase 13 percent from June; rate No.2 nationally

 

Foreclosure activity in Arizona increased 13 percent in July to 16,298 properties with foreclosure filings, 17 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 167 Arizona housing units received a foreclosure filing during the month, ranking the state second highest foreclosure rate nationally.

 

“The number of foreclosure filings increased significantly in Arizona during July, but is down substantially from the level we reported for the state this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The monthly increase in foreclosure activity can be attributed mostly a 75 percent increase in default notices from June. The number of auction notices increased as well, up 21 percent from the previous month.”

 

California continued to lead the nation in total foreclosures with 66,910 properties with foreclosure filings, followed by Florida with 51,557 properties with foreclosures filings in July. Illinois moved up a notch to third, reporting 19,602 properties with foreclosure filings for the month. Reporting 18,833 properties with foreclosure filings, Michigan fell one spot to fourth place. Arizona maintained its status as the state with the fifth highest foreclosure total for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in July were Nevada (13,727), Ohio (13,511), Georgia (12,577), Texas (11,727) and Maryland (6,961). In all, the top five accounted for 53 percent of all foreclosure filings in the nation for July.

 

Pinal County posts top county foreclosure rate in July

One in every 111 housing units in Pinal County received a foreclosure filing in July, giving the county the top foreclosure rate in the state for the month. Maricopa County posted the second highest rate, with one in every 133 housing units receiving a foreclosure filing during the month. Coming in third was Mohave County, where one in every 200 housing units received a foreclosure filing in July.

 

Maricopa County dominates state with top foreclosure total for July

Reporting 11,831 properties with foreclosure filings in July, Maricopa County led the state in total foreclosure activity. Second highest Pima County reported 1,482 properties with foreclosure filings. Pinal County came in third highest, tallying 1,305 properties with foreclosure filings. Fourth highest was Mohave County, where 509 properties with foreclosure filings were reported. Yavapai County was fifth, reporting 433 properties with foreclosure filings for the month.

 

State a significant contributor to nation’s monthly foreclosure total

Arizona accounted for 5 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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: 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Arizona

14

0

10,334

0

5,950

16,298

167

2.38

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

0

0

697

0

608

1,305

111

3.56

1.50

Maricopa

12

0

7,859

0

3,960

11,831

133

2.99

1.26

Mohave

2

0

267

0

240

509

200

1.98

0.83

Yavapai

0

0

251

0

192

443

239

1.66

0.70

Santa Cruz

0

0

37

0

31

68

255

1.56

0.65

 

 

Arizona Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Arizona

14

0

10,334

0

5,950

16,298

167

12.99

-17.24

 

 

 

 

 

 

 

 

 

 

Maricopa

12

0

7,859

0

3,960

11,831

133

22.60

-18.56

Pima

0

0

872

0

610

1,482

288

-10.40

-5.30

Pinal

0

0

697

0

608

1,305

111

-5.37

-22.32

Mohave

2

0

267

0

240

509

200

-0.97

-14.88

Yavapai

0

0

251

0

192

433

239

-10.69

-9.59

 

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