Arizona Foreclosure Activity Down in Third Quarter

Filings down 25 percent from Q2 2011, down 40 percent from a year ago
    State’s foreclosure rate 3rd  highest in the nation

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 29,701 Arizona properties  during the third quarter of 2011, down 25 percent from the second quarter of  2011 and 40 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S.  Foreclosure Market Report. The state’s foreclosure rate — one in every 93 Arizona housing units  with a foreclosure filing — was third highest in the nation during the quarter.

Foreclosure filings were reported  on 9,022 Arizona  properties in September, a 19 percent decrease from August and down 47 percent  from September 2010. One in every 305 Arizona  housing units received a foreclosure filing in September, the third highest  state foreclosure rate in the nation.

California continues to lead the country in quarterly  foreclosure totals, reporting 153,051 properties with a foreclosure filing. Florida maintained  second place, reporting 67,886 properties with foreclosure filings during Q3  2011. Third highest total for the quarter was tallied in Georgia, where 33,637 properties  with foreclosure filings were reported. Illinois  had the fourth highest total, reporting 32,297 properties with foreclosure  filings. Reporting 31,179 properties with foreclosure filings for the period, Michigan ranked fifth  highest.

The rest of the nation’s top 10 state  foreclosure totals for the third quarter of the year included Arizona  (29,701), Texas (27,860), Nevada  (25,900), Ohio (24,166) and Colorado (12,918). The top five states accounted  for 52 percent of the nation’s total quarterly foreclosure activity.

Pinal County has top  foreclosure rate honors in the third quarter
  One in every 67 housing units in Pinal    County  received a foreclosure filing during the third quarter of 2011 — 3.2 times the  national average and 1.4 times the state average. Maricopa County had the second  highest rate with one in every 81 housing units reporting a foreclosure filing  — 2.6 times the national average and 1.1 times the state average. Santa Cruz and Mohave  counties had the third highest rate, reporting one in every 91 housing units  with a foreclosure filing –2.3 times the national average and on par with the state  average.

Maricopa County leads  the state in foreclosure activity for third quarter
  Maricopa County led the state in foreclosure activity, reporting  19,604 properties with foreclosure filings during the quarter. Pima County  was second highest in the state, reporting 3,659 properties with foreclosure  filings. Third highest total was tallied in Pinal    County,  where 2,220 properties with foreclosure filings were reported. Reporting 1,130  properties with foreclosure filings for the quarter, Mohave    County  registered the fourth highest total in the state. Fifth highest was Yavapai County,  where 1,086 properties with foreclosure filings were reported for the quarter.

State the sixth largest  contributor to nation’s foreclosure total in the third quarter
  Arizona accounted for 5 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S.  housing units received a foreclosure filing during the quarter.

“U.S.  foreclosure activity has been mired down since October of last year, when  the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork,” said  James Saccacio, chief executive  officer of RealtyTrac. “While foreclosure  activity in September and the third quarter continued to register well below levels  from a year ago, there is evidence  that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back  up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the  foreclosure fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”


Arizona Top Foreclosure Rates By County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

Arizona

57

0

18,931

0

10,713

29,701

93

2.30

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

1

0

1,297

0

922

2,220

67

3.19

1.39

Maricopa

47

0

12,918

0

6,639

19,604

81

2.63

1.14

Santa Cruz

3

0

113

0

78

194

91

2.35

1.02

Mohave

3

0

610

0

517

1,130

91

2.34

1.02

Yavapai

1

0

629

0

456

1,086

98

2.16

0.94

 

 Arizona Top Foreclosure Totals by County – Q3 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

Arizona

57

0

18,931

0

10,713

29,701

93

-24.64

-39.51

 

 

 

 

 

 

 

 

 

 

Maricopa

47

0

12,918

0

6,639

19,604

81

-29.43

-43.93

Pima

1

0

2,260

0

1,398

3,659

117

-12.42

-20.85

Pinal

1

0

1,297

0

922

2,220

67

-26.78

-47.60

Mohave

3

0

610

0

517

1,130

91

-0.26

-27.14

Yavapai

1

0

629

0

456

1,086

98

-16.33

-26.22

 

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