ARIZONA FORECLOSURE ACTIVITY UP 32 PERCENT IN DECEMBER

Activity Up 201 Percent From December 2006; Foreclosure Rate Ranked No. 5

 

IRVINE, Calif. – Jan. 25, 2008 – Arizona reported 7,599 foreclosure filings in December, up 32 percent from the previous month, and 201 percent above the level reported for December 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 335 households was 1.7 times the national average and ranked fifth 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 for December was erratic, climbing significantly from the previous month after three months of steady decline from the state high back in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “As for December 2007 the activity level was three times the level reported for the same month a year earlier. While unemployment is still well below the national average, individual bankruptcy filings were up last year and home prices went negative, contributing to the wild fluctuations in foreclosure activity the state has been experiencing.

 

Foreclosure activity in the Grand Canyon State fell well short of national leader California, which reported almost 45,700 more foreclosure filings in December. Florida reported the nation’s second highest foreclosure total, more than 23,600 filings above Arizona. Third place Texas had 4,600 more foreclosure filings and fourth place Ohio had almost 4,500 more foreclosure filings for the month. The remaining states in the nation’s top 10 foreclosure filings in December were Michigan, Nevada, Illinois, Georgia and Colorado.

 

Maricopa County reports highest foreclosure total for December

Maricopa County had the bulk of the state’s foreclosures for the month, reporting 5,916 foreclosure filings, 78 percent of the state foreclosure total. Pima County tallied the second highest foreclosure total, reporting 571 foreclosure filings. Pinal County came in third place with 448 foreclosure filings for the month. Mohave County posted the fourth highest foreclosure total, reporting 329 filings entering some stage of the foreclosure pipeline.

 

Pinal County posts state’s top foreclosure rate

Reporting one foreclosure filing for every 243 households — 1.4 times the state average and 2.4 times the national average — Pinal County led the state with the highest foreclosure rate for December. Maricopa County posted the second highest foreclosure rate, one foreclosure filings for every 250 households — 1.3 times the state average and 2.3 times the national average. Third highest rate in the state was reported in Mohave County, one foreclosure filing for every 288 households — 1.2 times the state average and twice the national average.

 

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

Total filings in Arizona accounted for 4 percent of the 215,749 foreclosure filings reported nationwide in December. The national total represents a 7 percent increase from the previous month, and is 97 percent above the total reported for December 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 577 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 – December 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,182

54,280

18,488

47,945

48,854

215,749

577

n/a

n/a

Arizona

19

5,410

0

0

2,170

7,599

335

1.72

n/a

 

 

 

 

 

 

 

 

 

 

Apache

0

4

0

0

0

4

8,026

0.07

0.04

Cochise

0

24

0

0

0

24

2,288

0.25

0.15

Coconino

0

20

0

0

3

23

2,526

0.23

0.13

Gila

0

5

0

0

6

11

2,696

0.21

0.12

Graham

0

1

0

0

1

2

5,888

0.10

0.06

Greenlee

0

0

0

0

0

0

n/a

0.00

0.00

La Paz

0

1

0

0

2

3

5,148

0.11

0.07

Maricopa

15

4,149

0

0

1,752

5,916

250

2.30

1.34

Mohave

0

271

0

0

58

329

288

2.00

1.16

Navajo

1

6

0

0

3

10

5,113

0.11

0.07

Pima

1

421

0

0

149

571

713

0.81

0.47

Pinal

1

309

0

0

138

448

243

2.38

1.38

Santa Cruz

0

2

0

0

0

2

7,730

0.07

0.04

Yavapai

0

96

0

0

46

142

685

0.84

0.49

Yuma

1

101

0

0

12

114

730

0.79

0.46

 

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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