ARIZONA FORECLOSURE ACTIVITY JUMPS 17 PERCENT IN MAY

Despite Latest Monthly Increase, State Activity Down 24 percent From May 2005

 

IRVINE, Calif. – June 30, 2006 – Foreclosure activity heated up in Arizona with 1,986 properties entering into some stage of the foreclosure process in May, a 17 percent increase in activity from the 1,701 properties reported in April 2006, but a 24 percent decline from the 2,598 properties reportedfor the same month last year, according to the RealtyTrac™ May 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“With an unemployment rate that has dropped one-half of one percent to 4.2 percent between May 2005 and May 2006, it is not surprising that the state’s foreclosure rate is hovering just slightly above the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “With so many people being gainfully employed it is no wonder that the number of properties going into foreclosure has dropped so significantly over the past year.”

 

Bulk of Month’s Foreclosures Found in Maricopa, Pima Counties

Two counties accounted for the lion’s share of Arizona properties entering the foreclosure pipeline during May. Leading the way was Maricopa County reporting 1,322 properties entering some stage of the foreclosure process, followed by Pima County reporting 310 properties in foreclosure. Another 101 properties located in Pinal County are in the foreclosure pipeline.

 

Highest Foreclosure Rate for Month in Pinal County

At the rate of one new foreclosure filing for every 804 households — 1.4 times the state average and 1.6 times the national average — Pinal County reported the highest foreclosure rate for the state in May. Maricopa County came in second with a foreclosure rate of one new foreclosure filing for every 946 households — 1.2 times the state average and 1.3 times the national average. Pima County rounded out the top three with one new foreclosure filing for every 1,183 households — slightly under the state average and slightly above the national average.

 

State Makes Small Contribution to National Total

Arizona‘s foreclosure total accounted for two percent of the 91,168 properties in foreclosure nationwide in May. With one new foreclosure filing for every 1,102 households — 1.1 times the national average — Arizona ranked 13th among the 50 states in foreclosure rate for the month. With these latest figures the U.S. has now seen three straight months of declining foreclosure activity.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).


                                                      Arizona Foreclosure Market by County – May 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

U.S.

22,455

37,186

2,849

10,076

20,180

92,746

1,247

Arizona

406

1,514

0

0

66

1,986

1102

1.131

 

 

 

 

 

 

 

 

 

 

Apache

0

2

0

0

0

2

15,811

0.08

0.07

Cochise

0

34

0

0

6

40

1,278

0.98

0.86

Coconino

4

17

0

0

0

21

2,545

0.49

0.43

Gila

0

14

0

0

3

17

1,658

0.75

0.66

Graham

1

5

0

0

0

6

1,905

0.65

0.58

Greenlee

0

1

0

0

0

1

3,744

0.33

0.29

La Paz

0

2

0

0

0

2

7,567

0.16

0.15

Maricopa

376

918

0

0

28

1,322

946

1.32

1.17

Mohave

0

42

0

0

1

43

1,862

0.67

0.59

Navajo

1

21

0

0

4

26

1,824

0.68

0.60

Pima

6

298

0

0

6

310

1,183

1.05

0.93

Pinal

13

79

0

0

9

101

804

1.55

1.37

Santa Cruz

0

0

0

0

4

4

3,259

0.38

0.34

Yavapai

3

50

0

0

3

56

1,459

0.85

0.76

Yuma

2

31

0

0

2

35

2,118

0.59

0.52

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value. Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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