ARIZONA FORECLOSURE ACTIVITY UP 7 PERCENT IN AUGUST

Statewide Foreclosure Filings Up 63 Percent From August 2007; Rate Ranks No. 3

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 14,333 Arizona properties in August, an increase of 7 percent from the previous month, and 63 percent above  the level reported for August 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 182 Arizona households received a foreclosure filing during the month, giving it the third 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’s foreclosure activity reached a new all-time high in August, and is still way ahead of the total activity we reported this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in the state is back to a level not seen since 2004. Also, home price deflation has continued its steady decline, making the market ripe for the steady rise in foreclosure activity we have been observing so far this year.

 

Despite its rise in rank from fourth highest total in the nation for July, the August total in the Grand Canyon State still pales in comparison to national leader California which reported 101,724 properties with foreclosure filings for the month. Arizona’s total is also well behind second place Florida, which documented 44,000 properties with foreclosure filings for the month. Michigan took over fourth place, documenting 13,605 properties with foreclosure filings. Nevada was in fifth place, reporting 11,706 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in August were Ohio, Texas, Illinois, Georgia and New Jersey.

 

Top two counties account for bulk of state foreclosure activity in August

Maricopa and Pima counties combined accounted for 85 percent of all foreclosure activity in the state for August. Maricopa County led the way, reporting 11,133 properties with foreclosure filings for the month. Although second highest, Pima County came in far behind, reporting 1,085 properties with foreclosure filings. Third highest was Pinal County, reporting 966 properties with foreclosure filings. Mohave County came in fourth, documenting 442 properties with foreclosure filings, followed by fifth place Yavapai County, reporting 279 properties with foreclosure filings during the month.

 

Pinal County posts state’s top foreclosure rate for August

Pinal County posted the highest foreclosure rate in Arizona for August, where one in every 131 households received a foreclosure filing during the month — 3.2 times the national average. Maricopa County posted the second highest foreclosure rate, where one in every 134 households received a foreclosure filing — 3.1 times the national average. Mohave County reported the third highest foreclosure rate, with one in every 223 households receiving a foreclosure filing during the month.

 

State one of the largest contributors to nation’s foreclosure total in August

Arizona accounted for 5 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households 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 – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Arizona

17

0

9,044

0

5,272

14,333

182

2.29

n/a

 

 

 

 

 

 

 

 

 

Apache

0

0

5

0

0

5

6,448

0.06

0.03

Cochise

0

0

29

0

16

45

1,250

0.33

0.15

Coconino

0

0

34

0

55

89

665

0.63

0.27

Gila

0

0

13

0

7

20

1,510

0.28

0.12

Graham

0

0

6

0

1

7

1,711

0.24

0.11

Greenlee

0

0

0

0

0

0

n/a

0.00

0.00

La Paz

0

0

2

0

2

4

3,902

0.11

0.05

Maricopa

11

0

7,194

0

3,928

11,133

134

3.09

1.35

Mohave

0

0

212

0

230

442

223

1.86

0.81

Navajo

0

0

71

0

27

98

537

0.77

0.34

Pima

3

0

697

0

385

1,085

385

1.08

0.47

Pinal

2

0

519

0

445

966

131

3.17

1.38

Santa Cruz

0

0

34

0

12

46

354

1.17

0.51

Yavapai

1

0

159

0

119

279

365

1.14

0.50

Yuma

0

0

69

0

45

114

750

0.55

0.24

 

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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