Alaska Foreclosure Activity Declines in October

Filings down 12 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 240 Alaska properties during October, a 12 percent decrease from the previous month and down 21 percent from October of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Alaska saw a considerable downturn in foreclosure activity during October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in default notices, which dropped 100 percent during the month. The state’s unemployment rate remains well below the national average, and its home values and sales were higher than most states earlier this year. These are major contributing factors to the recent decline in foreclosures.”

Alaska ranked 45th in the nation in total foreclosures for October. Its foreclosure rate of one in every 1,181 housing units receiving a foreclosure filing during the month ranked it 39th among the 50 states.

Matanuska-Susitna Borough posts state’s top foreclosure rate for October

One in every 503 housing units received a foreclosure filing in Matanuska-Susitna Borough during October — 2.4 times the state average, the highest county foreclosure rate in the state for the month.  Fairbanks North Star Borough registered the second highest rate, with one in every 884 housing units receiving a foreclosure filing during the month — 1.3 times the state average. The Municipality of Anchorage was third highest, with one in every 1,037 housing units receiving a foreclosure filing — 1.1 times the state average.

 

The Municipality of Anchorage dominates state foreclosure activity in October

Foreclosure activity was heaviest in the Municipality of Anchorage, which reported 108 properties with foreclosure filings for the month. Matanuska-Susitna Borough tallied the second highest foreclosure level, reporting 57 properties with foreclosure filings. Third highest total was in Fairbanks North Star Borough, where 43 properties with foreclosure filings were reported. Fourth highest was Kenai Peninsula, where 17 properties with foreclosure filings were reported. The Juneau City and Borough filled out the top five for the month, reporting four properties with foreclosure filings.

 

State a minor contributor to nation’s monthly foreclosure total

Alaska accounted for less than 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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.

 

Alaska Top Foreclosure Rates By County – October 2010

 

Borough

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Alaska

0

0

153

0

87

240

1,181

0.33

n/a

 

 

 

 

 

 

 

 

 

 

Matanuska-Susitna Borough

0

0

40

0

17

57

503

0.77

2.35

Fairbanks North Star Borough

0

0

23

0

20

43

884

0.44

1.34

Anchorage Municipality

0

0

70

0

38

108

1,037

0.37

1.14

Denali Borough

0

0

0

0

1

1

1,394

0.28

0.85

Kenai Peninsula

0

0

13

0

4

17

1,504

0.26

0.78

 

 

Alaska Top Foreclosure Totals by County – October 2010

 

Borough

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Alaska

0

0

153

0

87

240

1,181

-12.09

-21.05

 

 

 

 

 

 

 

 

 

 

Anchorage Municipality

0

0

70

0

38

108

1,037

-22.86

-37.21

Matanuska-Susitna Borough

0

0

40

0

17

57

503

-20.83

-1.72

Fairbanks North Star Borough

0

0

23

0

20

43

884

86.96

72.00

Kenai Peninsula

0

0

13

0

4

17

1,504

21.43

-43.33

Juneau City and Borough

0

0

2

0

2

4

3,223

0.00

-71.43

 

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