Alaska Foreclosure Activity Drops in February

 

Statewide filings down 16 percent

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 222 Alaska properties in February, a 16 percent drop in foreclosure activity from January and 32 percent below the level reported for February 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Alaska ranked 45th in the nation in total foreclosures for February. Its foreclosure rate of one in every 1,279 housing units receiving a foreclosure filing during the month, ranked it 31st among the 50 states.

 

The state’s number of bank repossessed properties (REOs) dropped 28 percent from the previous month and auction notices fell by 9 percent.

 

Alaska registered an unemployment rate of 7.6 percent in February. The state has remained at or above the 7 percent unemployment mark since January 2009.

 

Matanuska-Susitna Borough posts state’s top foreclosure rate in February

With one in every 553 housing units receiving a foreclosure filing in February — 2.3 times the state average and on par with the national average — Matanuska-Susitna Borough posted the highest foreclosure rate of all Alaska counties. Petersburg Census Area had the second highest rate, with one in every 707 housing units receiving a foreclosure filing during the month — 1.8 times the state average. One in every 1,039 housing units in Anchorage Municipality received a foreclosure filing, the third highest foreclosure rate in the state — 1.2 times the state average.

 

Anchorage Municipality dominates state foreclosure totals in February

Reporting 108 properties with foreclosure filings, Anchorage Municipality was the statewide leader in foreclosure activity for February. Matanuska-Susitna Borough reported 52 properties with foreclosure filings, the second highest foreclosure total in the state. Fairbanks North Star Borough came in third, reporting 26 properties with foreclosure filings. Kenai Peninsula was fourth, tallying 20 properties with foreclosure filings. Fifth highest was the Juneau City and Borough where five properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure total in February

Less than 1 percent of the 225,101 properties with foreclosure filings reported nationwide in February were located in Alaska. Total U.S. activity decreased by nearly 14 percent from January, and was down 27 percent from the level reported in February 2010. One in every 577 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”

 

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 Borough – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

n/a

n/a

Alaska

0

0

150

0

72

222

1,279

0.45

n/a

 

 

 

 

 

 

 

 

 

 

Matanuska-Susitna Borough

0

0

36

0

16

52

553

1.04

2.31

Petersburg Census Area

0

0

2

0

1

3

707

0.82

1.81

Anchorage Municipality

0

0

70

0

38

108

1,039

0.56

1.23

Kenai Peninsula

0

0

13

0

7

20

1,284

0.45

1.00

Fairbanks North Star Borough

0

0

21

0

5

26

1,461

0.40

0.87

 

 

Alaska Top Foreclosure Totals by Borough – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 11

% Chg Feb 10

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

-13.86

-27.04

Alaska

0

0

150

0

72

222

1,279

-16.23

-32.32

 

 

 

 

 

 

 

 

 

 

Anchorage Municipality

0

0

70

0

38

108

1,039

-4.42

-25.52

Matanuska-Susitna Borough

0

0

36

0

16

52

553

-21.21

-38.82

Fairbanks North Star Borough

0

0

21

0

5

26

1,461

-16.13

-45.83

Kenai Peninsula

0

0

13

0

7

20

1,284

11.11

0.00

Juneau City and Borough

0

0

1

0

4

5

2,583

66.67

-58.33

 

 

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