Arizona Foreclosures Fall in August its Economy Improves Slightly

Foreclosure activity in Arizona fell 10 percent in August to 17,807 properties with foreclosure filings, up 24 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 150 Arizona housing units received a foreclosure filing in August, the fourth highest foreclosure rate in the nation.

 

“Arizona reported a welcome and significant drop in foreclosure activity in August, though the level of activity remained well above what was reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With a slight dip in unemployment in August, Arizona was the only Southwestern state to report economic improvement in terms of jobs added for the month.”

 

Arizona had the nation’s fifth highest level of foreclosure activity for August, although significantly below national leader California, which maintained the top position with 92,326 properties with foreclosure filings for the month. Florida continued in second place, reporting 62,401 properties with foreclosure filings. Michigan took over the number three slot, reporting 19,359 properties with foreclosure filings for the month. Nevada narrowly remained in fourth place, documenting 17,902 properties with foreclosure filings.

 

The remainder of the nation’s top 10 states for total foreclosure filings in August were Illinois (13,078), Georgia (11,947), Ohio (11,368), Texas (11,261) and New Jersey (8,316). Activity in the top five states accounted for 59 percent of all foreclosure filings in the nation for August.

 

Pinal County posts state’s top foreclosure rate in August

With one in every 95 housing units receiving a foreclosure filing — 3.7 times the national average and 1.6 times the state average — Pinal County posted the highest county foreclosure rate in the state for August. Maricopa County had the second highest rate, with one in every 119 housing units receiving a foreclosure filing during the month — three times the national average and 1.3 times the state average. Third highest rate was documented in Mohave County, where one in every 168 housing units received a foreclosure filing — 2.1 times the national average.

 

Maricopa County accounts for most of the state’s foreclosure totals for August

Maricopa County tallied the highest county activity level in the state, reporting 12,862 properties with foreclosure filings for August. Pima County had the second highest total, documenting 1,686 properties with foreclosure filings. Reporting 1,442 properties with foreclosure filings for the month, Pinal County reported the third highest total in the state. Mohave County was fourth highest, reporting 601 properties with foreclosure filings, while the fifth highest total was in Yavapai County, where 509 properties with foreclosure filings were reported for the month.

 

State a significant contributor to the nation’s foreclosure activity in August

Arizona accounted for 5 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Arizona

20

0

12,810

0

4,977

17,807

150

2.38

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

0

0

1,031

0

411

1,442

95

3.74

1.57

Maricopa

13

0

9,313

0

3,536

12,862

119

3.00

1.26

Mohave

1

0

437

0

163

601

168

2.12

0.89

Yavapai

2

0

308

0

199

509

206

1.74

0.73

Navajo

1

0

181

0

31

213

252

1.41

0.59

 

 

Arizona Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Arizona

20

0

12,810

0

4,977

17,807

150

-9.58

24.24

 

 

 

 

 

 

 

 

 

 

Maricopa

13

0

9,313

0

3,536

12,862

119

-11.47

15.53

Pima

1

0

1,163

0

522

1,686

253

7.73

55.39

Pinal

0

0

1,031

0

411

1,442

95

-14.17

49.28

Mohave

1

0

437

0

163

601

168

0.50

35.97

Yavapai

2

0

308

0

199

509

206

3.88

82.44

 

 

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