Alaska Foreclosure Activity Level Decreases in April

Statewide filings down 17 percent

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 233 Alaska properties in April, down 17 percent from March and 19 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Alaska ranked 45th in the nation in total foreclosures for April. Its foreclosure rate of one in 1,218 housing units receiving a foreclosure filing during the month, ranked it 32nd among the 50 states.

Matanuska-Sustina Borough tops in foreclosure rate for April

One in every 653 housing units in Matanuska-Susitna Borough received a foreclosure filing in April — 1.9 times the state average — the highest foreclosure rate of all Alaska counties. Second highest rate was reported in Anchorage Municipality, where one in every 928 housing units received a foreclosure filing during the month — 1.3 times the state average. Juneau City and Borough came in third, with one in 1,174 housing units receiving a foreclosure filing during the month — on par with the state average.

 

Anchorage Municipality dominates state foreclosure totals in April

Anchorage Municipality led all counties, reporting 121 properties with foreclosure filings for the month. Matanuska-Susitna Borough was second highest, reporting 44 properties with foreclosure filings. Third highest in the state was Fairbanks North Star Borough, where 32 properties with foreclosure filings were reported. Kenai Peninsula Borough was fourth highest, tallying 17 properties with foreclosure filings. Fifth highest was the City and Borough of Juneau, where 11 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure crisis in April

Alaska accounted for less than 1 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Alaska

1

0

148

0

84

233

1,218

0.49

n/a

 

 

 

 

 

 

 

 

 

 

Matanuksa-Susitna Borough

0

0

20

0

24

44

653

0.91

1.87

Anchorage Municipality

0

0

80

0

41

121

928

0.64

1.31

Juneau City & Borough

0

0

6

0

5

11

1,174

0.50

1.04

Fairbanks North Star Borough

0

0

25

0

7

32

1,187

0.50

1.03

Kenai Peninsula Borough

0

0

12

0

5

17

1,511

0.39

0.81

 

 

Alaska Top Foreclosure Totals by Borough – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Alaska

1

0

148

0

84

233

1,218

-16.79

-18.82

 

 

 

 

 

 

 

 

 

 

Anchorage Municipality

0

0

80

0

41

121

928

-19.87

-3.20

Matanuska-Susitna Borough

0

0

20

0

24

44

653

-25.42

-20.00

Fairbanks North Star Borough

0

0

25

0

7

32

1,187

-8.57

-23.81

Kenai Peninsula Borough

0

0

12

0

5

17

1,511

112.50

-45.16

Juneau City & Borough 

0

0

6

0

5

11

1,174

120.00

-45.00

 

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