ARIZONA FORECLOSURE ACTIVITY UP 19 PERCENT IN JANUARY

Activity Up 118 Percent From January 2007; Foreclosure Rate Ranked No. 4

 

IRVINE, Calif. – Feb. 26, 2008 – Arizona reported 9,059 foreclosure filings in January, the seventh highest foreclosure total in the country. The total represents a 19 percent increase from the previous month, and is 118 percent above the level reported for January 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 281 households was 1.9 times the national average and ranked fourth highest nationwide.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity in Arizona climbed significantly in January,” said James J. Saccacio, chief executive officer of RealtyTrac. “In the Metro Phoenix Valley foreclosures have been steadily rising and are at their highest level since the real estate crash of the late 1980s. So far this year, foreclosure activity is up significantly — particularly in Maricopa County.”

 

Foreclosure activity in the Grand Canyon State fell well short of national leader California, which reported 57,158 foreclosure filings in January. Florida reported the nation’s second highest foreclosure total, more than 21,000 foreclosure filings above Arizona. Third place Texas had 5,600 more foreclosure filings and fourth place Ohio had almost 3,700 more foreclosure filings for the month. The remaining states in the nation’s top 10 foreclosure filings in January were Michigan, Georgia, Massachusetts, Illinois and Colorado.

 

Maricopa County reports highest foreclosure total for January

Maricopa County had the bulk of the state’s foreclosures for the month, reporting 7,463 foreclosure filings, 82 percent of the state foreclosure total. Pima County tallied the second highest foreclosure total, reporting 634 foreclosure filings. Pinal County posted the third highest foreclosure total with 434 foreclosure filings for the month. Yavapai County posted the fourth highest foreclosure total, reporting 184 filings with Mohave County rounding out the state’s top five with 154 filings entering some stage of the foreclosure pipeline.

 

Highest foreclosure rate for the month posted by Maricopa County

Maricopa County also led the state with the highest foreclosure rate for January, reporting one foreclosure filing for every 199 households — 1.4 times the state average and 2.7 times the national average. Pinal County posted the second highest rate, one foreclosure filing for every 251 households — 1.1 times the state average and 2.1 times the national average. Yavapai County posted the third highest foreclosure rate in the state, one foreclosure filing for every 529 households.

 

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

Total filings in Arizona accounted for 4 percent of the 223,001 foreclosure filings reported nationwide in January. The national total represents an 8 percent increase from the previous month, and is 57 percent above the total reported for January 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 534 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

              Arizona Foreclosure Market by County – January 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

52,321

60,101

19,662

55,590

45,327

233,001

534

n/a

n/a

Arizona

13

6,471

0

0

2,575

9,059

281

1.90

n/a

 

 

 

 

 

 

 

 

 

 

Apache

0

2

0

0

0

2

16,052

0.03

0.02

Cochise

0

22

0

0

8

30

1,830

0.29

0.15

Coconino

0

34

0

0

5

39

1,490

0.36

0.19

Gila

0

7

0

0

1

8

3,708

0.14

0.08

Graham

0

6

0

0

1

7

1,682

0.32

0.17

Greenlee

0

1

0

0

0

1

3,742

0.14

0.08

La Paz

0

3

0

0

0

3

5,148

0.10

0.05

Maricopa

10

5,291

0

0

2,162

7,463

199

2.69

1.42

Mohave

1

101

0

0

52

154

615

0.87

0.46

Navajo

0

31

0

0

7

38

1,345

0.40

0.21

Pima

1

495

0

0

138

634

642

0.83

0.44

Pinal

0

311

0

0

123

434

251

2.13

1.12

Santa Cruz

0

1

0

0

0

1

15,459

0.03

0.02

Yavapai

0

116

0

0

68

184

529

1.01

0.53

Yuma

1

50

0

0

10

61

1,364

0.39

0.21

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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