ARIZONA FORECLOSURES DECREASE 21 PERCENT IN OCTOBER

Activity Up 129 Percent From a Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Nov. 26, 2007 – Arizona reported 6,339 foreclosure filings, the 10th highest total in the nation for October. Total foreclosure activity in the state represents a 21 percent decrease from the previous month, but is still 129 percent above October 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state’s foreclosure rate, one foreclosure filing for every 401 households, was 1.4 times the national average and ranked eighth 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 activity in Arizona has declined 28 percent since it peaked in August, but is still more than double the number reported for the same month last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Mortgage delinquencies are on track to keep climbing in the state due to a slower housing market and rising interest rates on subprime loans. Phoenix and Tucson counties have both been particularly hard hit.”

 

Total foreclosure filings in the Grand Canyon State trailed well behind national leader California, which tallied 50,401 foreclosure filings for October. The state also lagged far behind second ranked Florida, which reported 30,190 foreclosure filings for the month. Ohio ranked third with 17,276 foreclosure filings. Michigan reported the nation’s fourth highest total with 13,415 foreclosure filings. Texas had the fifth highest total in the nation with 12,288 foreclosure filings in October. The remaining states in the nation’s top 10 for foreclosure filings in October were Georgia, Illinois, Nevada and New York.

 

Maricopa County accounts for most of state’s foreclosure activity

Maricopa County accounted for 78 percent of all foreclosure activity in the state for October with 4,934 foreclosure filings. Pima County documented the second highest foreclosure total with 415 foreclosure filings, followed by Pinal County reporting 410 foreclosure filings, third highest total for the month.

 

Pinal County posts state’s highest foreclosure rate

Pinal County tallied the highest county foreclosure rate in Arizona for October, one foreclosure filing for every 265 households — 1.5 times the state average and 2.1 times the national average. Maricopa County had the second highest rate, one foreclosure filing for every 300 households — 1.3 times the state average and 1.9 times the national average. Mohave County came in third with a rate of one foreclosure filing for every 376 households — 1.1 times the state average and 1.5 times the national average.

 

State makes significant contribution to national total

Total foreclosure filings in Arizona accounted for 3 percent of the 224,451 foreclosure filings reported nationwide in October. The national total represents a 2 percent increase from the previous month, and is 94 percent above the total reported for October 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 555 U.S.

 

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 – October 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

41,404

58,598

22,485

48,356

53,609

224,452

555

n/a

n/a

Arizona

35

4,569

0

0

1,735

6,339

401

1.38

n/a

 

 

 

 

 

 

 

 

 

 

Apache

0

4

0

0

1

5

6,421

0.09

0.06

Cochise

0

43

0

0

19

62

886

0.63

0.45

Coconino

2

29

0

0

6

37

1,570

0.35

0.26

Gila

0

16

0

0

2

18

1,648

0.34

0.24

Graham

0

3

0

0

1

4

2,944

0.19

0.14

Greenlee

0

0

0

0

0

0

n/a

0.00

0.00

La Paz

0

1

0

0

0

1

15,443

0.04

0.03

Maricopa

31

3,489

0

0

1,414

4,934

300

1.85

1.34

Mohave

1

190

0

0

61

252

376

1.48

1.07

Navajo

1

26

0

0

1

28

1,826

0.30

0.22

Pima

0

335

0

0

80

415

981

0.57

0.41

Pinal

0

297

0

0

113

410

265

2.09

1.51

Santa Cruz

0

1

0

0

0

1

15,459

0.04

0.03

Yavapai

0

61

0

0

27

88

1,105

0.50

0.36

Yuma

0

74

0

0

10

84

990

0.56

0.41

 

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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