ARIZONA FORECLOSURE ACTIVITY UP 3 PERCENT IN JULY

Foreclosure Activity Increases 127 Percent From July 2007; Rate Ranks No. 4

 

IRVINE, Calif. – Aug. 29, 2008 – Foreclosure filings were reported on 13,350 Arizona properties in July, the fourth highest total in the nation. This represents a 3 percent increase in foreclosure activity from the previous month and is 127 percent ahead of the level reported for July 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 195 Arizona households received a foreclosure filing during the month, the fourth 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.

 

“Total foreclosure filings in July were at the highest level ever reported since we starting tracking activity in Arizona back in January 2005, said James J. Saccacio, chief executive officer of RealtyTrac. “The good news is that unemployment statewide is well below the national average, and recent home sales activity has seen an uptick. Still, average home prices and sales numbers are down from a year ago, while the state’s foreclosure total  has more than doubled from this time last year.”

 

Although in the nation’s top five states in terms of foreclosure activity, the Grand Canyon state total was far below national leader California, which reported 72,285 properties with foreclosure filings for the month. Florida remained in second place, reporting 45,884 properties with foreclosure filings. Ohio kept its position in third place by a narrow margin, reporting 13,457 properties with foreclosure filings for the month. Michigan stayed in fifth place, reporting 11,591 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in July were Texas, Georgia, Nevada, Illinois and New York.

 

Four counties dominate state foreclosure activity in July

Four Arizona counties accounted for 94 percent of all foreclosure activity in the state for July. Reporting 10,490 properties with foreclosure filings, Maricopa County alone was responsible for 79 percent of the state’s monthly total. Pinal County came in a distant second, reporting 954 properties with foreclosure filings, followed by third place Pima County, which reported 864 properties with foreclosure filings. Mohave reported 355 properties with filings, the fourth highest total for July.

 

Highest foreclosure rate for July reported in Pinal County

One in every 133 households received a foreclosure filing in Pinal County during July, the top county foreclosure rate in the state for the month — 1.5 times the state average and 3.5 times the national average. Maricopa County reported the second highest rate in the state, with one in every 143 households receiving a foreclosure filing — 1.4 times the state average and 3.3 times the national average. Third highest county rate was posted by Mohave County, where one in every 278 households received a foreclosure filing during the month — 1.7 times the national average.

 

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

Arizona accounted for 5 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents an increase of almost 8 percent from the previous month and is 55 percent ahead of the total reported for July 2007. One in every 464 U.S. households 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 – July 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

n/a

n/a

Arizona

15

0

8,210

0

5,125

13,350

195

2.38

n/a

 

 

 

 

 

 

 

 

 

Apache

0

0

7

0

0

7

4,606

0.10

0.04

Cochise

1

0

76

0

33

110

511

0.91

0.38

Coconino

0

0

40

0

17

57

1,038

0.45

0.19

Gila

0

0

22

0

11

33

915

0.51

0.21

Graham

0

0

12

0

0

12

998

0.46

0.20

Greenlee

0

0

0

0

0

0

n/a

0.00

0.00

La Paz

0

0

0

0

0

0

 n/a

0.00

0.00

Maricopa

3

0

6,292

0

4,195

10,490

143

3.25

1.37

Mohave

0

0

242

0

113

355

278

1.67

0.70

Navajo

0

0

27

0

15

42

1,253

0.37

0.16

Pima

11

0

549

0

304

864

484

0.96

0.40

Pinal

0

0

641

0

313

954

133

3.49

1.47

Santa Cruz

0

0

29

0

6

35

465

1.00

0.42

Yavapai

0

0

161

0

90

251

406

1.14

0.48

Yuma

0

0

112

0

28

140

611

0.76

0.32

 

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

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