ARIZONA FORECLOSURE ACTIVTY DECREASES 9 PERCENT IN SEPTEMBER

Activity Up 178 Percent From a Year Ago; Foreclosure Rate in Top 5

 

IRVINE, Calif. – Oct. 26, 2007 – Arizona reported 8,062 foreclosure filings in September, the eighth highest total in the country. Foreclosure activity decreased 9 percent from the previous month, but was still up 178 percent from September 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. . The state’s foreclosure rate of one foreclosure filing for every 316 households — 1.8 times the national average — ranked it fifth among the 50 states.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 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 more than doubled over the same month last year, as subprime borrowers struggled to make payments on adjustable-rate mortgages,” said James J. Saccacio, chief executive officer of RealtyTrac. “Increased foreclosures and a slowdown in new home sales are dragging down the overall real estate market in Arizona.”

 

Total foreclosure filings in Arizona were well behind national leader California, which tallied 51,259 foreclosure filings for September. The state also lagged far behind second ranked Florida which reported 33,354 foreclosure filings for the month. Ohio ranked third with 15,709 foreclosure filings. Texas reported the nation’s fourth highest foreclosure total with 14,681 foreclosure filings. The remaining states in the nation’s top 10 for total foreclosure filings in September were Michigan, Georgia, Colorado and Nevada.

 

Maricopa County accounts for most of state’s foreclosure activity

Maricopa County accounted for 72 percent of all foreclosure activity in the state for September, reporting 5,786 foreclosure filings during the month. Pima County documented the second highest foreclosure total with 867 foreclosure filings. Pinal County came in third, reporting 677 filings entering some stage of the foreclosure pipeline.

 

Pinal County posts highest foreclosure rate in the state

Pinal County tallied the highest county foreclosure rate in Arizona for September, one foreclosure filing for every 161 households — twice the state average and 3.5 times the national average. Maricopa County had the second highest rate, one foreclosure filing for every 256 households — 1.2 times the state average and 2.2 times the national average. Mohave County posted the third highest rate in the state, one foreclosure filing for every 328 households — 1.7 times the national average.

 

State makes significant contribution to national total

Total foreclosure filings in Arizona accounted for 4 percent of the 223,538 foreclosure filings reported nationwide in September. The national total represents an 8 percent decrease from the previous month, but is still 99 percent above the total reported for September 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 557 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

               Arizona Foreclosure Market by County – September 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,234

63,405

21,925

51,172

39,802

223,538

557

n/a

n/a

Arizona

36

6,693

0

0

1,333

8,062

316

1.76

n/a

 

 

 

 

 

 

 

 

 

 

Apache

0

2

0

0

1

3

10,701

0.05

0.03

Cochise

0

38

0

0

3

41

1,339

0.42

0.24

Coconino

0

14

0

0

3

17

3,418

0.16

0.09

Gila

0

10

0

0

1

11

2,696

0.21

0.12

Graham

0

11

0

0

1

12

981

0.57

0.32

Greenlee

0

0

0

0

0

0

n/a 

0.00

0.00

La Paz

0

4

0

0

0

4

3,861

0.14

0.08

Maricopa

30

4,782

0

0

974

5,786

256

2.18

1.23

Mohave

1

263

0

0

25

289

328

1.70

0.96

Navajo

2

39

0

0

6

47

1,088

0.51

0.29

Pima

2

814

0

0

51

867

469

1.19

0.67

Pinal

0

448

0

0

229

677

161

3.47

1.96

Santa Cruz

0

3

0

0

0

3

5,153

0.11

0.06

Yavapai

0

163

0

0

31

194

501

1.11

0.63

Yuma

1

102

0

0

8

111

749

0.74

0.42

 

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 construction properties, 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).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

 

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