Arizona Foreclosure Activity Up in November

Statewide filings up 8 from previous month; rate ranks #4 nationally

 

Arizona foreclosure activity rose in November to 14,349 properties with foreclosure filings, up 8 percent from the previous month, still 9 percent ahead of the level reported in November 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 186 Arizona housing units receiving a foreclosure filing in November, the state’s foreclosure rate ranked fourth highest in the nation.

 

“Arizona foreclosures were up slightly both for November and over the past year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The biggest increase was in bank-owned properties, which climbed 49 percent from October. Even though its unemployment rate remains slightly below the national average, the state has the nation’s second largest year-over-year home price decline, making it difficult for homeowners to avoid foreclosure.”

 

California held on to its substantial lead in total foreclosure activity, reporting 73,995 properties with foreclosure filings in November. Florida came in second once again, reporting 52,935 properties with foreclosure filings. Illinois maintained its third place ranking, reporting 16,442 properties with foreclosure filings for the month. Michigan had the fourth highest total, documenting 15,988 properties with foreclosure filings with Arizona moving into fifth place.

 

The remaining states in the nation’s top 10 for total foreclosure filings in November were Texas (12,098), Ohio (10,587), Georgia (9,664), Nevada (9,295) and New Jersey (9,227). Activity in the top five states accounted for 57 percent of all foreclosure filings in the nation for November.

 

Pinal County posts state’s highest foreclosure rate in November

With one in every 100 housing units receiving a foreclosure filing — 4.2 times the national average and 1.9 times the state average — Pinal County posted the highest county foreclosure rate in the state for November. Maricopa County had the second highest rate, with one in every 157 housing units receiving a foreclosure filing — 2.7 times the national average and 1.2 times the state average. Mohave County came in third highest, with one in every 160 housing units receiving a foreclosure filing — 2.6 times the national average and 1.2 times the state average.

 

Maricopa County led state in total foreclosure filings for November

Maricopa County led all counties in the state for November, totaling 9,765 properties with foreclosure filings. Pima County was second highest, documenting 1,549 properties with foreclosure filings. Reporting 1,379 properties with foreclosure filings for the month, Pinal County had the third highest total in the state. Mohave County was fourth highest, reporting 632 properties with foreclosure filings, while Yavapai County came in fifth, reporting 465 properties with foreclosure filings for the month.

 

State a significant contributor to nation’s foreclosure total in November

Arizona accounted for 5 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 U.S. housing units received a foreclosure filing during the month.

 

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: DefaultNotice 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Arizona

8

0

9,823

0

4,518

14,349

186

2.24

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

2

0

879

0

498

1,379

100

4.19

1.87

Maricopa

3

0

6,907

0

2,855

9,765

157

2.66

1.19

Mohave

0

0

369

0

263

632

160

2.61

1.16

Yavapai

0

0

277

0

188

465

225

1.85

0.83

Pima

2

0

1,014

0

533

1,549

275

1.52

0.68

 


 

Arizona Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Arizona

8

0

9,823

0

4,518

14,349

186

7.52

9.23

 

 

 

 

 

 

 

 

 

 

Maricopa

3

0

6,907

0

2,855

9,765

157

-2.34

-1.72

Pima

2

0

1,014

0

533

1,549

275

269.69

30.94

Pinal

2

0

879

0

498

1,379

100

20.12

18.07

Mohave

0

0

369

0

263

632

160

34.47

95.67

Yavapai

0

0

277

0

188

465

225

5.44

150.00

 

 

 

 

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