Arizona Foreclosure Activity Rises in First Quarter

Statewide filings up from last year; nation’s 2nd highest foreclosure rate

March numbers up from a month earlier; down slightly from a year ago

 

Foreclosure activity in Arizona rose 22 percent during the first quarter of 2010, and was up 13 percent from the same period last year. In all, the state reported 55,686 properties with foreclosure filings, ranking it the state with the third highest foreclosure total in the nation for the quarter. One in every 49 Arizona housing units received a foreclosure filing during the quarter, the second highest state foreclosure rate in the nation.

 

During the month of March, the state reported 18,856 properties with foreclosure filings, a 13 percent increase from the previous month, but less than half a percent below the level reported in March 2009. One in every 144 Arizona housing units received a foreclosure filing during the month, the third highest state foreclosure rate.

 

“Arizona foreclosures were up during the first quarter and for the month of March,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which jumped 50 percent during the quarter. While the state’s unemployment rate remains on par with the national average, it had the second highest drop in home prices during the fourth quarter of 2009. This, in addition to extremely slow home sales, is definitely contributing to the rise we seeing in foreclosures.”

 

California continued to lead the nation in foreclosure activity for the quarter with 216,263 properties with foreclosure filings, followed by Florida with 153,540 properties with foreclosure filings. Illinois ranked fourth, reporting 45,780 properties with foreclosure filings. Michigan was a close fifth, reporting 45,732 properties with foreclosure filings for the quarter.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the first quarter were Georgia (39,911), Texas (37,354), Nevada (34,557), Ohio (33,221), and Colorado (16,023). In all, the top 10 accounted for 73 percent of all foreclosure filings in the nation for the quarter.

 

Pinal County posts top foreclosure rate for the first quarter

With one in every 22 housing units receiving a foreclosure filing — 6.2 times the national average and 2.2 times the state average — Pinal County posted the highest county foreclosure rate in the state during the first quarter. Maricopa County came in second, with one in every 41 housing units receiving a foreclosure filing — 3.4 times the national average and 1.2 times the state average. Mohave County was third, with one in every 56 housing units receiving a foreclosure filing — 2.4 times the national average.

 

Maricopa County led state in total foreclosures for the first quarter

Maricopa County documented 38,662 properties with foreclosure filings for the quarter, the highest foreclosure total of any county in the state. Pinal County was second, reporting 6,536 properties with foreclosure filings. Reporting 4,599 properties with foreclosure filings for the month, Pima County came in third.

 

State a significant contributor to the nation’s quarterly foreclosure total

Arizona accounted for 4 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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: 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl.

Avg.

/State

Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Arizona

32

0

34,212

0

21,442

55,686

49

2.83

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

0

0

4,155

0

2,381

6,536

22

6.22

2.20

Maricopa

29

0

23,944

0

14,689

38,662

41

3.41

1.20

Mohave

0

0

1,056

0

753

1,809

56

2.45

0.87

Yavapai

0

0

900

0

714

1,614

66

2.11

0.75

Santa Cruz

0

0

171

0

91

262

66

2.09

0.74

 

 

 

Arizona Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Q4 2009

% Chg

Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Arizona

32

0

34,212

0

21,442

55,686

49

22.38

13.37

 

 

 

 

 

 

 

 

 

 

Maricopa

29

0

23,944

0

14,689

38,662

41

24.84

2.60

Pinal

0

0

4,155

0

2,381

6,536

22

15.52

76.70

Pima

1

0

2,670

0

1,928

4,599

93

29.32

40.13

Mohave

0

10,602

0

6,546

4,160

1,809

56

1.97

18.24

Yavapai

0

0

1,056

0

753

1,614

66

12.32

26.79

 

 

 

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