Arizona Foreclosures Down Both Monthly and Yearly

Filings down 11 percent from September; 24 percent from year earlier

State foreclosure rate ranks fourth nationally

 

Arizona reported 13,345 properties with foreclosure filings, down 11 percent from the previous month and 24 percent below the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 200 Arizona housing units received a foreclosure filing in October, the fourth highest state foreclosure rate in the nation.

 

Arizona reported a significant drop in foreclosure activity for October and from the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest contributing factor was the number of bank-owned properties (REOs), which dropped 26 percent from the month before, and fell 52 percent from the total reported a year ago.”

 

In October, Arizona had the nation’s sixth highest foreclosure total. California maintained the top position, reporting 85,420 properties with foreclosure filings for the month. Florida came in second, reporting 51,911 properties with foreclosure filings. Illinois had the third highest total, reporting 19,946 properties with foreclosure filings. Michigan took the number four slot, documenting 16,468 properties with foreclosure filings. Nevada narrowly took fifth place, reporting 13,842 properties with foreclosure filings.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

The remaining states in the nation’s top 10 for total foreclosure filings in October were Georgia (12,468), Texas (11,798), Ohio (11,646) and New Jersey (7,435). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for October.

 

Pinal County posts state’s top foreclosure rate in October

With one in every 120 housing units receiving a foreclosure filing — 3.2 times the national average and 1.7 times the state average — Pinal County posted the highest county foreclosure rate in the state for October. Maricopa County ranked second, reporting one in every 153 housing units receiving a foreclosure filing — 2.5 times the national average and 1.3 times the state average. Santa Cruz and Mohave counties had the third and fourth highest rates, with one in every 215 housing units receiving a foreclosure filing — 1.8 times the national average. Fifth highest foreclosure rate was in Yuma County, where one in every 233 housing units received a foreclosure filing during the month — 1.7 times the national average.

 

Maricopa County tops state in foreclosure total during October

Maricopa County led all counties, totaling 9,999 properties with foreclosure filings for October. Pinal County was second highest, documenting 1,148 properties with foreclosure filings. Reporting 470 properties with foreclosure filings for the month, Mohave County was third highest total in the state. Yavapai County came in fourth, reporting 441 properties with foreclosure filings, while the fifth highest total was in Pima County, where 419 properties with foreclosure filings were reported for the month.

 

State a significant contributor to nation’s foreclosure activity in October

Arizona accounted for 4 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received 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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Arizona

7

0

10,314

0

3,024

13,345

200

1.93

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

0

0

795

0

353

1,148

120

3.22

1.67

Maricopa

7

0

8,083

0

1,909

9,999

153

2.52

1.31

Santa Cruz

0

0

59

0

20

79

215

1.79

0.93

Mohave

0

0

327

0

143

470

215

1.79

0.93

Yuma

0

0

338

0

34

372

233

1.65

0.86

 

 

Arizona Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Arizona

7

0

10,314

0

3,024

13,345

200

-10.60

-23.77

 

 

 

 

 

 

 

 

 

 

Maricopa

7

0

8,083

0

1,909

9,999

153

-7.39

-25.99

Pinal

0

0

795

0

353

1,148

120

23.04

-16.57

Mohave

0

0

327

0

143

470

215

-6.19

-6.56

Yavapai

0

0

265

0

176

441

237

-21.53

36.53

Pima

0

0

191

0

228

419

1016

-69.55

-69.17

 

 

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