ARIZONA FORECLOSURE ACTIVITY UP 35 PERCENT IN OCTOBER

Filings Statewide Increase 176 Percent From October 2007; Rate Ranks No. 2

 

IRVINE, Calif. – Nov. 26, 2008 – With a large increase in foreclosure activity, Arizona moved up a notch and retook third place in total properties with foreclosure filings in October, with 17,507— a 35 percent increase from the previous month and 176 percent ahead of the level reported in October 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 149 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.

 

“Foreclosure filings in Arizona rose in October by the largest monthly percentage so far this year and are well ahead of their level from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state is now the highest it has been in more than five years while nationwide economic struggles, a housing slowdown and declining financial markets compound the difficulties of Arizona homeowners who are in peril of losing their homes.”

 

Set firmly in third place, Arizona’s total foreclosure activity was well behind national leader California which reported 56,954 properties with foreclosure filings in October, and second place Florida, reporting 54,324 properties with foreclosure filings. Nevada dropped down to fourth highest, documenting 14,483 properties with foreclosure filings. Illinois moved up from seventh to fifth highest, reporting 12,681 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in October were Ohio, Michigan, Georgia, Texas and New Jersey.

 

Maricopa County accounted for most foreclosure activity in October

Maricopa County accounted for more than 77 percent of the state’s foreclosure activity in October, reporting 13,511 properties with foreclosure filings for the month. Pinal County came in second highest, reporting 1,376 properties with foreclosure filings, followed closely in third by Pima County, reporting 1,359 properties with foreclosure filings. Mohave County came in fourth place, documenting 503 properties with foreclosure filings. Yavapai County came in fifth, reporting 323 properties with foreclosure filings for the month.

 

Pinal County posts state’s top foreclosure rate for October

With one in every 92 housing units receiving a foreclosure filing during the month — 1.6 times the state average and 4.9 times the national average — Pinal County posted the highest foreclosure rate in the state for October. Second highest rate was reported in Maricopa County, where one in every 111 housing units received a foreclosure filing — 1.3 times the state average and 4.1 times the national average. Third highest rate was documented in Mohave County, where one in every 196 housing units received a foreclosure filing during the month — 2.3 times the national average.

 

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

Arizona accounted for 6 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented a 5 percent increase from the previous month and was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452 U.S. housing units receiving 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Arizona

191

0

11,041

0

6,275

17,507

149

3.04

n/a

 

 

 

 

 

 

 

 

 

Apache

1

0

3

0

1

5

6,448

0.07

0.02

Cochise

8

0

18

0

4

30

1,875

0.24

0.08

Coconino

0

0

30

0

7

37

1,599

0.28

0.09

Gila

0

0

3

0

7

10

3,020

0.15

0.05

Graham

0

0

13

0

2

15

799

0.57

0.19

Greenlee

0

0

3

0

1

4

938

0.48

0.16

La Paz

0

0

12

0

2

14

1,115

0.41

0.13

Maricopa

32

0

8,406

0

5,073

13,511

111

4.08

1.34

Mohave

52

0

353

0

98

503

196

2.30

0.76

Navajo

0

0

52

0

13

65

810

0.56

0.18

Pima

13

0

880

0

466

1,359

308

1.47

0.48

Pinal

2

0

864

0

510

1,376

92

4.90

1.61

Santa Cruz

0

0

49

0

3

52

313

1.44

0.48

Yavapai

1

0

247

0

75

323

315

1.43

0.47

Yuma

82

0

108

0

13

203

421

1.07

0.35

 

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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