ARIZONA FORECLOSURES INCREASE 3 PERCENT IN JULY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 189 Percent From a Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – August 24, 2007 – Arizona reported 5,873 foreclosure filings, the eighth highest foreclosure total in the nation for July. The monthly total represents a 3 percent increase from the previous month, and a 189 percent increase from July 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state’s foreclosure rate of one new foreclosure filing for every 433 households — 1.6 times the national average — ranked eighth highest in the nation.

 

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 nearly tripled in July from a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Homeowners are struggling throughout the Phoenix area. It has become harder to sell homes and lenders have tightened their standards and are less likely to allow refinancing. Homeowners in the outer fringes of the Valley are experiencing a rapid rate of foreclosure — especially in Pinal County.”

 

Total foreclosure filings in Arizona were well behind national leader California, which tallied 39,013 foreclosure filings for July. The state also lagged far behind second ranked Florida, which reported 19,179 filings for the month. Michigan ranked third, with 13,979 foreclosure filings for July. Ohio ranked fourth with 13,316 foreclosure filings. Georgia reported the nation’s fifth highest foreclosure total with 12,602 filings in some stage of the foreclosure pipeline. The remaining states in the nation’s top 10 for total foreclosure filings in July were Texas, Colorado, Illinois and Nevada.

 

Maricopa County accounts for most of state’s foreclosure activity

Maricopa County accounted for 76 percent of all foreclosure activity in the state for July, with 4,484 foreclosure filings during the month. Pinal County documented the second highest foreclosure total reporting 506 foreclosure filings. Pima County came in third, reporting 392 foreclosure filings in the pipeline.

 

Pinal County reports highest foreclosure rate

Pinal County tallied the highest foreclosure rate in Arizona for July, with one foreclosure filing for every 215 households — twice the state average and 3.2 times the national average. Maricopa County had the second highest foreclosure rate, one foreclosure filing for every 330 households — 1.3 times the state average and 2.1 times the national average. Mohave County reported the third highest foreclosure rate, one foreclosure filing for every 524 households.

 

State makes significant contribution to national total

Total foreclosure filings in Arizona accounted for 3 percent of the 179,599 foreclosure filings nationwide in July. The national total was up 9 percent from the previous month and up 93 percent from July 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 693 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 – July 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,741

57,327

23,136

35,553

26,842

179,599

693

n/a

n/a

Arizona

10

5,138

0

0

725

5,873

433

1.60

n/a

 

 

 

 

 

 

 

 

 

 

Apache

0

3

0

0

0

3

10,701

0.06

0.04

Cochise

0

14

0

0

0

14

3,922

0.18

0.11

Coconino

1

17

0

0

2

20

2,905

0.24

0.15

Gila

0

16

0

0

1

17

1,745

0.40

0.25

Graham

0

12

0

0

1

13

906

0.77

0.48

Greenlee

0

2

0

0

0

2

1,871

0.37

0.23

La Paz

0

1

0

0

0

1

15,443

0.04

0.03

Maricopa

8

3,843

0

0

633

4,484

330

2.10

1.31

Mohave

1

164

0

0

16

181

524

1.32

0.83

Navajo

0

22

0

0

1

23

2,223

0.31

0.19

Pima

0

376

0

0

16

392

1,038

0.67

0.42

Pinal

0

468

0

0

38

506

215

3.23

2.02

Santa Cruz

0

9

0

0

1

10

1,546

0.45

0.28

Yavapai

0

147

0

0

11

158

616

1.13

0.70

Yuma

0

44

0

0

5

49

1,698

0.41

0.26

 

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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