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.
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
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
Maricopa County accounts for most of state’s foreclosure filings
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.
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
Total Properties With Foreclosure Filings
% Housing Units
% Change From 2007
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).
Atomic Public Relations