Arizona Foreclosure Activity Up 40 Percent in 2009

Rate ranks #2 nationally; Activity up 40 percent from November

 

Arizona ended 2009 tallying 163,210 properties with foreclosure filings, a 40 percent increase from the total reported for 2008, and 323 percent higher than the level reported for all of 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  With one in every 16 housing units receiving a foreclosure filing, Arizona‘s foreclosure rate ranked second highest in the nation for the year.

 

Arizona reported 20,150 properties with foreclosure filings in December, a 40 percent increase over the previous month, and up 26 percent from December 2008. The state’s foreclosure rate — one in every 132 housing units received a foreclosure filing — was second highest in the nation for the month.

 

“With its activity level steadily rising over the past two years, Arizona was a major contributor to the nation foreclosure problem in 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though well behind the nation’s leaders in terms of total filings, the state’s level of foreclosure activity was the third highest in the nation for the year as its unemployment numbers rose.”

 

The Grand Canyon State was well behind national leader California, which reported 632,573 properties with foreclosure filings for 2009. Florida followed in second with 516,711 properties with foreclosure filings. Illinois took fourth place, documenting 131,132 properties with foreclosure filings. Fifth place went to Michigan, which reported 118,302 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings for 2009 were Nevada (112,097), Georgia (108,110), Ohio (101,614), Texas (100,045) and New Jersey (63,208). Activity in the top five states accounted for 55 percent of all foreclosure filings in the nation for 2009.

 

Pinal County posted state’s highest foreclosure rate for 2009

With one in every nine housing units receiving a foreclosure filing in 2009, Pinal County posted the highest county foreclosure rate in the state for the year. Maricopa County followed in second, reporting one in every 13 housing units receiving a foreclosure filing. Mohave County came in third highest, reporting one in every 19 housing units receiving a foreclosure filing. Yavapai County was fourth highest with one in every 23 housing units receiving a foreclosure filing. Fifth highest rate was in Santa Cruz County, where one in every 24 housing units received a foreclosure filing during the year.

 

Maricopa County led state in foreclosure activity in 2009

Maricopa County reported the highest county level of foreclosure activity in 2009, tallying 119,314 properties with foreclosure filings. Pinal County was a distant second, documenting 14,495 properties with foreclosure filings. Reporting 12,798 properties with foreclosure filings, Pima County had the third highest total in the state. Mohave County was fourth highest, reporting 5,432 properties with foreclosure filings, followed by Yavapai County in fifth place, tallying 4,561 properties with foreclosure filings for all of 2009.

 

State the third largest contributor to nation’s foreclosure total in 2009

Arizona accounted for 6 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Arizona

163,210

6.12

16

39.60

323.17

 

 

 

 

 

 

Pinal

14,495

10.55

9

64.16

464.23

Maricopa

119,314

7.80

13

34.28

331.86

Mohave

5,432

5.37

19

51.90

232.03

Yavapai

4,561

4.36

23

70.95

400.11

Santa Cruz

713

4.20

24

22.51

996.92

 

 

Arizona Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Arizona

163,210

6.12

16

39.60

323.17

 

 

 

 

 

 

Maricopa

119,314

7.80

13

34.28

331.86

Pinal

14,495

10.55

9

64.16

464.23

Pima

12,798

3.01

33

41.52

201.27

Mohave

5,432

5.37

19

51.90

232.03

Yavapai

4,561

4.36

23

70.95

400.11

 

 

Arizona Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Arizona

66

0

12,935

0

7,149

20,150

132

2.76

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

0

0

2,450

0

751

3,201

43

8.53

3.07

Maricopa

66

0

8,183

0

4,735

12,984

118

3.11

1.12

Mohave

0

0

448

0

312

760

133

2.75

0.99

Yavapai

0

0

310

0

269

579

181

2.03

0.73

Santa Cruz

0

0

56

0

30

86

198

1.85

0.67

 

 

Arizona Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Arizona

66

0

12,935

0

7,149

20,150

132

40.43

26.24

 

 

 

 

 

 

 

 

 

 

Maricopa

66

0

8,183

0

4,735

12,984

118

32.96

5.13

Pinal

0

0

2,450

0

751

3,201

43

132.12

171.96

Pima

0

0

1,048

0

770

1,818

234

17.37

71.67

Mohave

0

0

448

0

312

760

133

20.25

35.71

Yavapai

0

0

310

0

269

579

181

24.52

47.70

 

 

 

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