ARIZONA FORECLOSURE ACTIVITY UP 23 PERCENT IN FEBRUARY

IRVINE, Calif. – March 27, 2009 – Arizona reported 18,119 properties with foreclosure filings in February, a 23 percent increase from the previous month and 88 percent above the level reported for February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 147 Arizona housing units received a foreclosure filing during the month, the second highest state foreclosure rate in the nation.

 

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.

 

Arizona foreclosure filings rose again in February, keeping the state within the 10 most foreclosure-affected states in the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “Between high unemployment and foreclosure bailout scams, it is a difficult time for Arizona residents trying to retain their homes.”

 

Arizona had the third highest state total in the nation, well below national leader California, which reported 80,775 properties with foreclosure filings, and second-ranked Florida which reported 46,391 properties with foreclosure filings for the month. The fourth highest total was documented in Nevada, which reported 15,783 properties with foreclosure filings, followed by Illinois, which reported 14,218 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in February were Michigan, Ohio, Texas, Georgia and Virginia.

 

Maricopa County accounts for most of the state’s foreclosure activity

Maricopa County alone accounted for the bulk of the state’s foreclosure activity in February, reporting 13,862 properties with foreclosure filings for the month. Pinal County was second highest, reporting 1,297 properties with foreclosure filings. Third highest was Pima County, reporting 1,200 properties with foreclosure filings. Mohave County was in fourth place, documenting 691 properties with foreclosure filings.

 

Pinal County post state’s top foreclosure rate

With one in every 106 housing units receiving a foreclosure filing — 1.4 times the state average and 4.2 times the national average — Pinal County reported the highest county foreclosure rate in the state for February. Maricopa County came in a close second, with one in every 110 housing units receiving a foreclosure filing — 1.3 times the state average and four times the national average. Third highest rate was documented in Santa Cruz County, where one in every 118 housing units received a foreclosure filing during the month — 1.3 times the state average and 3.7 times the national average.

 

State the third largest contributor to nation’s foreclosure total in February

Arizona accounted for 6 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 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 – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Arizona

3

0

12,258

0

5,858

18,119

147

2.99

n/a

 

 

 

 

 

 

 

 

 

 

Apache

0

0

9

0

5

14

2,317

0.19

0.06

Cochise

0

0

59

0

14

73

784

0.56

0.19

Coconino

0

0

119

0

18

137

439

1.00

0.34

Gila

0

0

30

0

4

34

897

0.49

0.16

Graham

0

0

11

0

4

15

824

0.53

0.18

Greenlee

0

0

1

0

1

2

1,873

0.23

0.08

La Paz

0

0

3

0

0

3

5,229

0.08

0.03

Maricopa

2

0

9,253

0

4,607

13,862

110

3.99

1.33

Mohave

0

0

479

0

212

691

146

3.01

1.01

Navajo

0

0

28

0

12

40

1,344

0.33

0.11

Pima

1

0

874

0

325

1,200

355

1.24

0.41

Pinal

0

0

853

0

444

1,297

106

4.15

1.39

Santa Cruz

0

0

67

0

77

144

118

3.73

1.25

Yavapai

0

0

363

0

111

474

221

1.99

0.67

Yuma

0

0

109

0

24

133

653

0.67

0.23

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved