Arizona Foreclosure Activity Declines in October

Filings down 3 percent from September; rate third highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 16,538 Arizona properties in October, a 3 percent decrease from the previous month, but still 24 percent ahead of the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 165 Arizona housing units received a foreclosure filing in October, the third highest state foreclosure rate in the nation.

 

“Foreclosure activity fell slightly in Arizona during October, although it remained well above the level reported for this time last year, leaving the state among the top five hardest-hit in the nation in terms of foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “Joblessness within the state continues to hover around the national average as it has for several months. This job market stagnancy provides little hope for those Arizona residents struggling to hold onto their homes in an uncertain economy.”

 

California continued to lead the nation in foreclosure activity, reporting 66,475 properties with foreclosure filings in October. Florida held remained second highest, tallying 56,858 properties with foreclosure filings. Michigan maintained its third place ranking for the third consecutive month, reporting 19,288 properties with foreclosure filings for the month. Illinois was in fourth place, reporting 16,969 properties with foreclosure filings for the month.

 

The remaining states in the nation’s foreclosure top 10 for October were Georgia (14,850), Nevada (14,205), Ohio (13,233), Texas (13,008) and Washington (6,346). The nation’s top 10 accounted for 72 percent of all foreclosure filings in the nation for the month.

 

Pinal County posts state’s top foreclosure rate for October

One in every 94 housing units received a foreclosure filing in Pinal County during October — 4.1 times the national average and 1.8 times the state average, the highest county foreclosure rate in the state for the month. Maricopa County registered the second highest rate, with one in every 134 housing units receiving a foreclosure filing during the month — 2.9 times the national average and 1.2 times the state average. Mohave County was third highest, with one in every 203 housing units receiving a foreclosure filing — 1.9 times the national average.

 

Maricopa County led the state in foreclosure activity for October

Maricopa County had the top foreclosure total of all Arizona counties, reporting 11,683 properties with foreclosure filings for the month. Pima County tallied the second highest foreclosure level, reporting 1,614 properties with foreclosure filings. Third highest total was in Pinal County, where 1,544 properties with foreclosure filings were reported. Fourth highest was Mohave County, where 502 properties with foreclosure filings were reported. Yavapai County had the fifth highest total, reporting 453 properties with foreclosure filings.

 

State a large contributor to nation’s monthly foreclosure total

Arizona accounted for 5 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.

 

Arizona Top Foreclosure Rates By County – October 2010

 

County

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

Arizona

28

0

10,964

0

5,546

16,538

165

2.36

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

0

0

1,034

0

510

1,544

94

4.12

1.75

Maricopa

28

0

7,798

0

3,857

11,683

134

2.89

1.23

Mohave

0

0

306

0

196

502

203

1.91

0.81

Yavapai

0

0

300

0

153

453

234

1.66

0.70

Santa Cruz

0

0

36

0

31

67

259

1.50

0.64

 

 

Arizona Top Foreclosure Totals by County – October 2010

 

County

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

Arizona

28

0

10,964

0

5,546

16,538

165

-3.38

23.93

 

 

 

 

 

 

 

 

 

 

Maricopa

28

0

7,798

0

3,857

11,683

134

-3.22

16.84

Pima

0

0

1,064

0

550

1,614

264

-4.21

285.20

Pinal

0

0

1,034

0

510

1,544

94

3.07

34.49

Mohave

0

0

306

0

196

502

203

-8.23

6.81

Yavapai

0

0

300

0

153

453

234

-16.11

2.72

 

 

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