Alaska Foreclosure Activity Up in First Quarter

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 753 Alaska properties during the first quarter of 2011, up nearly 10 percent from the fourth quarter of 2010, but almost 18 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The state posted the 31st highest foreclosure rate in the nation, with one in every 377 Alaska housing units receiving a foreclosure filing during the quarter.

 

Foreclosure filings were reported on 280 Alaska properties in March, a 26 percent increase from February, but still down 3 percent from March 2010. One in every 1,014 Alaska housing units received a foreclosure filing in March, the 32nd highest state foreclosure rate in the nation.

 

Matanuska-Susitna Borough reports state’s top foreclosure rate in the first quarter

One in every 166 housing units in Matanuska-Susitna Borough received a foreclosure filing during the first quarter of 2011 — 1.2 times the national average and 2.3 times the state average.  Southeast Fairbanks Census Area had the second highest rate, with one in every 255 housing units receiving a foreclosure filing — 1.5 times the state average. One in every 307 housing units in Anchorage Municipality received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 1.2 times the state average.

 

Anchorage Municipality leads the state in foreclosure activity for first quarter

Anchorage Municipality led all boroughs in total foreclosure activity, reporting 366 properties with foreclosure filings during the quarter. Matanuska-Susitna Borough was second highest, reporting 173 properties with foreclosure filings. Third highest total was tallied in Fairbanks North Star Borough, where 91 properties with foreclosure filings were reported. Reporting 45 properties with foreclosure filings, Kenai Peninsula registered the fourth highest total in the state. Fifth highest was Ketchikan Gateway Borough, where 17 properties with foreclosure filings were reported for the quarter.

 

State a minor contributor to nation’s foreclosure total in first quarter

Alaska accounted for less than 1 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

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 – Q1 2011

 

Borough

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

Alaska

0

0

491

0

262

753

377

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Matanuska-Susitna Borough

0

0

107

0

66

173

166

1.15

2.27

Southeast Fairbanks Census Area

0

0

12

0

1

13

255

0.75

1.48

Anchorage Municipality

0

0

234

0

132

366

307

0.62

1.23

Ketchikan Gateway Borough

0

0

11

0

6

17

393

0.49

0.96

Fairbanks North Star Borough

0

0

66

0

25

91

418

0.46

0.90

 

Alaska Top Foreclosure Totals by Borough – Q1 2011

 

Borough

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

Alaska

0

0

491

0

262

753

377

9.77

-17.88

 

 

 

 

 

 

 

 

 

 

Anchorage Municipality

0

0

234

0

132

366

307

14.38

-16.82

Matanuska-Susitna Borough

0

0

107

0

66

173

166

-2.26

-22.77

Fairbanks North Star Borough

0

0

66

0

25

91

418

-1.09

-22.88

Kenai Peninsula

0

0

30

0

15

45

571

-8.16

-23.73

Ketchikan

0

0

11

0

6

17

393

112.50

41.67

 

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