ARIZONA FORECLOSURES INCREASE 50 PERCENT IN AUGUST

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 243 Percent From a Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Sept. 21, 2007 – Arizona reported 8,815 foreclosure filings in August, a 50 percent increase from the previous month, and up 243 percent from August 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

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.

 

“More Arizona homeowners fell behind on their mortgage payments in August as the oversupply of unsold housing and the declining real estate market pushed many of them into foreclosure,” said James J. Saccacio, chief executive officer of RealtyTrac. Arizona’s relatively low unemployment rate of 3.7 percent held steady in August, though this may change in the coming months in light of some recently announced layoffs in the construction and financial services sectors.”

 

Arizona ranked 7th in the country in total foreclosure filings reported for August. The state’s foreclosure rate of one foreclosure filing for every 289 households also ranked it 7th among the 50 states.

 

Total foreclosure filings in Arizona were well behind national leader California which tallied 57,875 foreclosure filings for August. The state also lagged far behind second ranked Florida, with 33,932 filings reported for the month. Ohio ranked third with 17,793 foreclosure filings for August. Texas came in fourth with 16,970 foreclosure filings. Michigan reported the nation’s fifth highest foreclosure total, 15,565 filings in some stage of the foreclosure pipeline. The remaining states in the nation’s top 10 for total foreclosure filings in August were Georgia, Colorado, Illinois and Nevada.

 

Maricopa County accounts for most of state’s foreclosure activity

Maricopa County accounted for 70 percent of all foreclosure activity in the state for August with 6,128 foreclosure filings during the month. Pima County documented the second highest foreclosure total with 1,255 foreclosure filings. Pinal County came in third, reporting 747 foreclosure filings for the month.

 

Pinal County posts highest foreclosure rate

Pinal County posted the highest county foreclosure rate in Arizona for August, with one foreclosure filing for every 146 households — twice the state average and 3.5 times the national average. Santa Cruz County had the second highest foreclosure rate, one foreclosure filing for every 206 households — 1.4 times the state average and 2.5 times the national average. Maricopa County had the third highest rate, one foreclosure filing for every 242 households — 1.2 times the state average and 2.1 times the national average.

 

State makes significant contribution to national total

Arizona accounted for 4 percent of the 243,947 foreclosure filings nationwide in August. The national total represents a 36 percent increase from the previous month and is up 115 percent from August 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 510 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 – August 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,388

67,632

24,810

52,328

42,789

243,947

510

n/a

n/a

Arizona

15

7,355

0

0

1,445

8,815

289

1.77

n/a

 

 

 

 

 

 

 

 

 

 

Apache

0

2

0

0

1

3

10,701

0.05

0.03

Cochise

0

50

0

0

6

56

981

0.52

0.29

Coconino

1

20

0

0

4

25

2,324

0.22

0.12

Gila

0

9

0

0

2

11

2,696

0.19

0.11

Graham

0

11

0

0

0

11

1,070

0.48

0.27

La Paz

0

2

0

0

0

2

7,722

0.07

0.04

Maricopa

10

5,005

0

0

1,113

6,128

242

2.11

1.19

Mohave

0

187

0

0

22

209

453

1.13

0.64

Navajo

0

22

0

0

9

31

1,649

0.31

0.18

Pima

2

1,149

0

0

104

1,255

324

1.57

0.89

Pinal

2

585

0

0

160

747

146

3.51

1.98

Santa Cruz

0

66

0

0

9

75

206

2.48

1.40

Yavapai

0

191

0

0

12

203

479

1.07

0.60

Yuma

0

56

0

0

3

59

1,410

0.36

0.20

 

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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