Arizona Foreclosure Activity Rises in August

Filings increase 1 percent from July; foreclosure rate No. 3 nationally

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 16,510 Arizona properties in August, a one percent increase from the previous month but a 7 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  One in every 165 Arizona housing units received a foreclosure filing during the month, the third highest state foreclosure rate in the nation.

 

“Arizona foreclosure activity bumped up slightly in August, though it remained below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Arizona unemployment ticked up to 9.7 percent during the month, just above the national average and a 27-year high for the state, adding to its continuing foreclosure woes.”

 

California continued as the state with the nation’s highest level of foreclosure activity, reporting 69,143 properties with foreclosure filings in August. Florida had the second highest total, tallying 56,877 properties with foreclosure filings for the month. Michigan was third highest, reporting 17,764 properties with foreclosure filings. Reporting 16,808 properties with foreclosure filings for the month, Illinois came in fourth place.

 

The remaining states in the nation’s top 10 for total foreclosure activity in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385) and Washington (6,760). In all, these states accounted for 71 percent of all foreclosure filings in the nation for the month.

 

Pinal County leads the state in foreclosure rate for August

Pinal County, where one in every 95 housing units received a foreclosure filing during the month, posted the top foreclosure rate in Arizona. One in every 136 housing units received a foreclosure filing in Maricopa County, for the second highest rate in the state. Coming in third was Mohave County, where one in every 188 housing units received a foreclosure filing in August. Fourth highest was Yavapai County, where one in every 205 housing units received a foreclosure filing. Santa Cruz County came in fifth, with one in every 207 housing units receiving a foreclosure filing during the month.

 

Maricopa County posts top foreclosure total for August

Maricopa County led Arizona in total foreclosure activity for August, reporting 11,538 properties with foreclosure filings. Pima County documented the second highest foreclosure activity, where 1,602 properties with foreclosure filings were reported. Pinal County came in third, tallying 1,524 properties with foreclosure filings. Fourth highest was Mohave County, where 542 properties with foreclosure filings were reported. Yavapai County came in fifth, reporting 516 properties with foreclosure filings for the month.

 

State the fifth largest contributor to nation’s monthly foreclosure total

Arizona accounted for 5 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Arizona

18

0

10,877

0

5,615

16,510

165

2.31

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

1

0

974

0

549

1,524

95

3.99

1.73

Maricopa

16

0

7,661

0

3,861

11,538

136

2.80

1.21

Mohave

0

0

369

0

173

542

188

2.02

0.88

Yavapai

0

0

335

0

181

516

205

1.86

0.80

Santa Cruz

1

0

56

0

27

84

207

1.84

0.80

 

 

Arizona Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Arizona

18

0

10,877

0

5,615

16,510

165

1.30

-7.28

 

 

 

 

 

 

 

 

 

 

Maricopa

16

0

7,661

0

3,861

11,538

136

-2.48

-10.29

Pima

0

0

1,040

0

562

1,602

266

8.10

-4.98

Pinal

1

0

974

0

549

1,524

95

16.78

5.69

Mohave

0

0

369

0

173

542

188

6.48

-9.82

Yavapai

0

0

335

0

181

516

205

16.48

1.38

 

 

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