Arizona Foreclosure Activity Trends Upward in May

Total foreclosure filings statewide increase 4 percent from April.

State’s foreclosure rate No. 4 in the nation.

 

Foreclosure activity in Arizona rose to 16,865 properties with foreclosure filings in May, a 4 percent increase from the previous month and 31 percent ahead of May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report.  One in every 158 Arizona housing units received a foreclosure filing in May, the fourth highest state foreclosure rate in the nation for the month.

 

“Foreclosures were up both in May and from this time last year in Arizona,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although the state’s unemployment rate remains below the national average, it had the fourth largest decline in home values during the past year, which is a major contributing factor to the overall rise in its foreclosure activity.”

 

Outdistanced by top ranked California with 92,249 properties, the Grand Canyon State’s total was also well behind Florida with 58,931 properties with foreclosure filings. However, the state was narrowly beaten out for third highest total by Nevada, which reported 17,157 properties with foreclosure filings. The fifth highest level of foreclosure activity was tallied in Michigan, reporting 13,891 properties with foreclosure filings for the month.

 

Completing the nation’s top 10 states for total foreclosure filings in May were Ohio, Illinois, Georgia, Texas and Virginia. Combined, the top 10 states accounted for 75 percent of all foreclosure activity in the nation for the month.

 

Five counties accounted for bulk of state’s foreclosure activity in May

Five counties accounted for 97 percent of all Arizona foreclosure activity in May. Maricopa County held the highest total activity for the month, reporting 12,749 properties with foreclosure filings. Second highest total was in Pima County, where 1,409 properties with foreclosure filings were reported. Pinal County had the third highest total, reporting 1,267 properties with foreclosure filings, followed by Mohave County, where 528 properties with foreclosure filings were tallied. Fifth highest total was tallied in Yavapai County, where 434 properties with foreclosure filings were reported for the month.

 

Pinal County posts state’s highest foreclosure rate for May

With one in every 108 housing units receiving a foreclosure filing during May, Pinal County posted the highest county foreclosure rate in the state. Maricopa County had the second highest rate, with one in every 120 housing units receiving a foreclosure filing. Third highest rate was found in Mohave County, where one in every 192 housing units received a foreclosure filing during the month.

 

State a significant contributor to nation’s foreclosure activity for May

Foreclosure activity in Arizona represented 5 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

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 month — 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 month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Arizona

9

0

12,103

0

4,753

16,865

158

3.82

31.04

 

 

 

 

 

 

 

 

 

 

Apache

0

0

8

0

1

9

3,604

80.00

50.00

Cochise

0

0

60

0

11

71

806

-37.72

136.67

Coconino

0

0

75

0

18

93

647

-9.71

244.44

Gila

0

0

26

0

19

45

678

-2.17

246.15

Graham

0

0

8

0

3

11

1,123

-42.11

175.00

Greenlee

0

0

0

0

0

0

 n/a

n/a 

-100.00

La Paz

0

0

4

0

1

5

3,138

-66.67

66.67

Maricopa

7

0

9,146

0

3,596

12,749

120

13.50

31.22

Mohave

0

0

357

0

171

528

192

-7.85

24.82

Navajo

0

0

48

0

13

61

881

-41.90

177.27

Pima

2

0

1,072

0

335

1,409

302

-21.37

27.17

Pinal

0

0

803

0

464

1,267

108

-15.59

20.67

Santa Cruz

0

0

40

0

17

57

298

-16.18

-16.18

Yavapai

0

0

344

0

90

434

241

-13.89

65.02

Yuma

0

0

112

0

14

126

689

-24.55

-7.35

 

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