Arizona Foreclosure Activity Up Slightly in May

Statewide filings up less than 1 percent from April; rate ranks #2

 

Foreclosure activity in Arizona rose less than 1 percent in May to 16,097 properties with foreclosure filings, however the total represents a decrease of 5 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 169 Arizona housing units received a foreclosure filing during the month, the second highest state foreclosure rate in the nation.

 

Arizona foreclosures were up slightly in May but down from a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest rise was in default notices, which climbed 69 percent for the month. The state’s unemployment rate remains slightly below the national average and home sales did not decline as far as they did in most states during the first quarter. These factors are helping alleviate the pressure of rising foreclosures somewhat.”

 

California continued to lead the nation in total foreclosure activity for the month, reporting 72,030 properties with foreclosure filings. Florida remained secure in second place, reporting 50,685 properties with foreclosure filings, followed by third place Michigan, documenting 20,322 properties with foreclosure filings for the month. Arizona moved up to fourth highest, while Illinois dropped one spot to fifth highest, tallying 15,061 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in May were Nevada (14,346), Georgia (13,778), Texas (11,137), Ohio (10,379) and New Jersey (7,993). In all, the top 10 accounted for 72 percent of all foreclosure filings in the nation for May.

 

Pinal County tops in foreclosure rate for May

Pinal County posted the highest county foreclosure rate in the state, with one in every 106 housing units receiving a foreclosure filing — 3.8 times the national average and 1.6 times the state average. Maricopa County came in second, with one in every 137 housing units receiving a foreclosure filing — 2.9 times the national average and 1.2 times the state average. With one in every 190 housing units receiving a foreclosure filing — 2.1 times the national average — Mohave County had the third highest foreclosure rate in the state.

 

Maricopa County leads state in foreclosure total during May

Maricopa County led all counties in total foreclosure activity in May, reporting 11,429 properties with foreclosure filings for the month. Pima County came in second, documenting 1,525 properties with foreclosure filings. Reporting 1,375 properties with foreclosure filings, Pinal County reported the third highest ranking. Mohave County was fourth highest, reporting 538 properties with foreclosure filings, followed by Yavapai County, where 488 properties with foreclosure filings were reported.

 

State a major contributor to nation’s monthly foreclosure total in May

Arizona accounted for 5 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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: 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Arizona

22

0

9,963

0

6,112

16,097

169

2.36

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

0

0

793

0

582

1,375

106

3.78

1.60

Maricopa

22

0

7,294

0

4,113

11,429

137

2.91

1.23

Mohave

0

0

309

0

229

538

190

2.11

0.89

Yavapai

0

0

262

0

226

488

217

1.84

0.78

Santa Cruz

0

0

42

0

33

75

231

1.73

0.73

 

 

Arizona Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Arizona

22

0

9,963

0

6,112

16,097

169

0.06

-4.55

 

 

 

 

 

 

 

 

 

 

Maricopa

22

0

7,294

0

4,113

11,429

137

0.94

-10.35

Pima

0

0

903

0

622

1,525

280

-13.40

8.23

Pinal

0

0

793

0

582

1,375

106

3.31

8.52

Mohave

0

0

309

0

229

538

190

25.12

1.89

Yavapai

0

0

262

0

226

488

217

2.52

12.44

 

 

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