Arizona Foreclosure Activity Level Decreases in April

Filings down 15 percent from March; state ranks 2nd highest rate

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 13,419 Arizona properties in April, down 15 percent from March and 17 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 205 Arizona housing units received a foreclosure filing in April, the nation’s second highest foreclosure rate. Adding to its foreclosure woes is the state’s high unemployment rate, which was 9.5 percent for the month.

 

Since January 2007, California has lad the nation in total monthly foreclosure activity and April is no exception, reporting 55,869 properties with foreclosure filings. Florida remained the state with the second highest total, tallying 19,649 properties with foreclosure filings. Arizona was third highest followed by Michigan, which stayed in fourth place reporting 12,996 properties with foreclosure filings. Nevada moved up one notch to fifth highest foreclosure total reporting 11,761 properties with foreclosure filings for the month.

 

The rest of the states in the nation’s top 10 for April included Illinois (10,055), Texas (8,793), Georgia (8,479), Ohio (7,962) and Colorado (4,379). The top five states accounted for 52 percent of the nation’s total foreclosure activity for the month.

 

Pinal County top in foreclosure rate for April

One in every 143 housing units in Pinal County received a foreclosure filing in April — 4.1 times the national average and 1.4 times the state average — the highest foreclosure rate of all Arizona counties. Second highest rate was reported in Maricopa County, where one in every 170 housing units received a foreclosure filing during the month — 3.5 times the national average and 1.2 times the state average. Yavapai County came in third, with one in every 253 housing units receiving a foreclosure filing during the month — 2.3 times the national average.

 

Maricopa County led the state in foreclosure activity in April

Reporting 9,324 properties with foreclosure filings for the month, Maricopa County led all counties in the state for April. Pima County was second highest, reporting 1,686 properties with foreclosure filings. Third highest in the state was Pinal County, where 1,034 properties with foreclosure filings were reported. Yavapai County was fourth highest, tallying 422 properties with foreclosure filings. Fifth highest was Mohave County, where 355 properties with foreclosure filings were reported for the month.

 

State a significant contributor to nation’s foreclosure crisis in April

Arizona accounted for 6 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Arizona

9

0

6,779

0

6,631

13,419

205

2.89

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

0

0

465

0

569

1,034

143

4.14

1.43

Maricopa

6

0

4,519

0

4,799

9,324

170

3.48

1.20

Yavapai

0

0

216

0

206

422

253

2.34

0.81

Pima

1

0

998

0

687

1,686

254

2.33

0.81

Mohave

1

0

224

0

130

355

290

2.04

0.71

 

 

 

 

 

 

 

 

 

Arizona Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Arizona

9

0

6,779

0

6,631

13,419

205

-14.56

-16.59

 

 

 

 

 

 

 

 

 

 

Maricopa

6

0

4,519

0

4,799

9,324

170

-17.30

-17.65

Pima

1

0

998

0

687

1,686

254

23.16

-4.26

Pinal

0

0

465

0

569

1,034

143

-30.65

-22.31

Yavapai

0

0

216

0

206

422

253

-12.63

-11.34

Mohave

1

0

224

0

130

355

290

-12.56

-17.44

 

 

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