ARIZONA FORECLOSURE ACTIVITY UP 203 PERCENT IN 2008

Nearly 117,000 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 116,911 Arizona properties in 2008, an increase of 203 percent from 2007 and a 655 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 4.49 percent of all Arizona housing units received at least one foreclosure filing during the year, up from 1.52 percent in 2007.

 

The Grand Canyon State reported 15,962 properties with foreclosure filings in December, a 22 percent increase from the previous month and a 110 percent above the activity level reported for December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.

 

“While the effects of the recession have hit all parts of the nation, high-growth regions such as Arizona have been hit hardest by the quick collapse of the housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “An overbuilt housing stock, along with unemployment that grew by 2.6 percent during the year, are contributing to the overall financial crisis currently affecting homeowners struggling to stay in their homes.”

 

Although ranking the nation’s third highest foreclosure activity for all of 2008, Arizona fell far short of national leader California which reported 523, 624 properties with foreclosure filings, and second place Florida which documented 385,309 properties with foreclosure filings. Ohio was fourth highest, reporting 113,570 properties with foreclosure filings. Michigan came in fifth, documenting 106,058 properties with foreclosure filings in 2008. The remaining states in the nation’s top 10 in foreclosure activity for 2008 were Illinois, Texas, Georgia, Nevada and New Jersey.

 

Maricopa County accounts for most of state’s foreclosure filings

Maricopa County led the state in 2008, reporting 88,854 properties with foreclosure filings for the year. Pima County came in second, reporting 9,043 properties with foreclosure filings. Pinal County registered the third highest total, reporting 8,830 properties with foreclosure filings. Fourth highest total was reported in Mohave County, with 3,576 properties with foreclosure filings. Yavapai County came in fifth highest, documenting 2,668 properties with foreclosure filings.

 

Pinal County posts state’s top foreclosure rate in 2008

Pinal County topped the list for 2008, with 6.96 percent of its housing units receiving at least one foreclosure filing during the year. Maricopa County came in second, with 5.94 percent of its housing units receiving at least one foreclosure filing. Third highest was Mohave County, where 3.62 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Santa Cruz County, where 3.58 percent of the housing units received at least one foreclosure filing followed by Yavapai County, where 2.62 percent of the housing stock received at least one foreclosure filing during the year.

 

State a significant contributor to nation’s foreclosure total for 2008

Arizona accounted for 5 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Arizona

116,911

4.49

203.13

 

 

 

 

 

15

Apache

52

0.16

108.00

8

Cochise

602

1.07

60.11

10

Coconino

479

0.81

186.83

12

Gila

216

0.72

91.15

11

Graham

93

0.78

47.62

14

Greenlee

10

0.27

66.67

13

La Paz

66

0.42

200.00

2

Maricopa

88,854

5.94

221.61

3

Mohave

3,576

3.62

118.58

9

Navajo

485

0.92

120.45

6

Pima

9,043

2.16

112.88

1

Pinal

8,830

6.96

243.71

4

Santa Cruz

582

3.58

795.38

5

Yavapai

2,668

2.62

192.54

7

Yuma

1,355

1.59

161.58

 

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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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