Arizona Foreclosure Activity Down in 2011

Filings down 27 percent from 2010, down 30 percent  from 2009
    State’s  foreclosure rate 2nd highest in the nation

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — were  reported on 113,967 Arizona properties in 2011, down 27 percent from a year ago  and 30 percent below the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market  Report. The state posted the second highest foreclosure rate in the nation, with one in every 24 Arizona housing units receiving a foreclosure filing in 2011.

Foreclosure  filings were reported on 7,706 Arizona properties in December, a 28 percent  decrease from November and down 43 percent from December 2010. One in every 357 Arizona housing units received a foreclosure filing in December, the fourth highest state foreclosure rate in the nation.

California continued to lead the country in foreclosure totals for 2011, reporting 428,045 properties  with foreclosure filings. Florida was second, reporting 181,965 properties with  foreclosure filings during 2011. Third highest total for the year was tallied  in Arizona, where 113,967 properties with foreclosure filings were reported. Georgia had the fourth highest total, reporting 110,273 properties with foreclosure  filings. Reporting 103,003 properties with foreclosure filings for the year, Illinois ranked fifth highest.

The rest of the nation’s top 10 state foreclosure totals for 2011 included Michigan (100,248), Texas (89,675), Ohio (79,422), Nevada (72,844) and Colorado (38,557). The top five states accounted for 50 percent of the nation’s total 2011 foreclosure activity.

Pinal County has  top foreclosure rate honors in 2011
One in every 15 housing units in Pinal County received a foreclosure filing during 2011 – 4.6 times the  national average and 1.6 times the state average. Maricopa County had the second highest rate with one in every 20 housing units reporting a foreclosure  filing – 3.4 times the national average and 1.2 times the state average. Yavapai County had the third highest rate, reporting one in every 29 housing units with  a foreclosure filing – 2.4 times the national average.

Maricopa County  leads the state in foreclosure activity for 2011
Maricopa County led the  way, reporting 78,790 properties with foreclosure filings during 2011. Pima County was second highest in the state, reporting 11,994 properties with  foreclosure filings. Third highest total was tallied in Pinal County, where 9,892  properties with foreclosure filings were reported. Reporting 3,743 properties  with foreclosure filings for the year, Yavapai County registered the fourth  highest total in the state. Fifth highest was Mohave County, where 3,269  properties with foreclosure filings were reported for 2011.

State the third largest  contributor to nation’s foreclosure total in 2011
Arizona accounted for 6 percent of the 1,887,777 properties with foreclosure filings reported nationwide for  2011. Total U.S. activity was down 34 percent from 2010 and was down 33 percent  from the level reported for 2009. One in every 69 U.S. housing units received a  foreclosure filing during the year.

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity  regarding many of the documentation and legal issues plaguing the foreclosure  industry means that we are continuing to see a highly dysfunctional foreclosure  process that is inefficiently dealing with delinquent mortgages — particularly  in states with a judicial foreclosure process.

“There were strong signs in the second half of  2011 that lenders are finally beginning to push through some of the delayed  foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though  still below the peak of 2010.”

                                           Arizona Top Foreclosure Rates By County –2011

County

Total

% Housing Units

1/every X HU (rate)

/National Avg.

/State Avg.

 

 

 

 

 

 

United States

1,887,777

1.45

69

n/a

n/a

Arizona

113,967

4.14

24

2.85

n/a

 

 

 

 

 

 

Pinal

9,892

6.68

15

4.61

1.60

Maricopa

78,790

4.96

20

3.42

1.19

Yavapai

3,743

3.50

29

2.42

0.84

Mohave

3,269

3.17

32

2.19

0.76

Santa Cruz

538

3.06

33

2.11

0.73

                                          Arizona Top Foreclosure Totals By County –2011

County

Total

% Housing Units

1/every X HU (rate)

% Chg 2010

% Chg 2009

 

 

 

 

 

 

United States

1,887,777

1.45

69

-34.27

-33.17

Arizona

113,967

4.14

24

-26.89

-30.17

 

 

 

 

 

 

Maricopa

78,790

4.96

20

-28.43

-33.96

Pima

11,994

2.80

36

-17.17

-6.28

Pinal

9,892

6.68

15

-32.42

-31.76

Yavapai

3,743

3.50

29

-18.68

-17.93

Mohave

3,269

3.17

32

-33.52

-39.82

 

 

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