Arizona Foreclosure Activity Rises in February

Statewide filings up 4 percent from January; Rate third highest

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 9,131 Arizona properties in February, a 4 percent increase from January, but still 41 percent below the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Arizona had the third highest foreclosure rate, reporting one in every 312 housing units with a foreclosure filing in February.

California continues to lead the nation in terms of total properties with foreclosure filings by a large margin, reporting 48,422 properties with foreclosure filings. Second ranked Florida reported 26,337 properties with foreclosure filings during the month. Third place was Illinois, where 13,298 properties with foreclosure filings were reported. Georgia moved up to the fourth highest total, reporting 12,356 properties with foreclosure filings while Michigan dropped a spot to fifth place, tallying 10,467 properties with foreclosure filings.

The remaining states that make up the nation’s top 10 in February include Texas (9,554), Ohio (9,445), Arizona, Pennsylvania (4,494) and Wisconsin (4,403). The top 10 accounted for 71 percent of the nation’s total foreclosure activity for the month.

Pinal County posts top foreclosure rate in the state for February
 One in every 189 housing units in Pinal County had a foreclosure filing in February — 3.4 times the national average and 1.7 times the state average — the highest foreclosure rate of all Arizona counties for the month. Maricopa County had the second highest rate of one in every 268 housing units with a foreclosure filing during the month — 2.4 times the national average and 1.2 times the state average. Santa Cruz County had the third highest rate of one in every 322 housing units with a foreclosure filing during the month — twice the national average and on par with the state average.

Maricopa County has top foreclosure total in February
 Maricopa County had the highest foreclosure total, reporting 6,108 properties with foreclosure filings for the month. Pima County was second highest, reporting 1,055 properties with foreclosure filings. Pinal County was third, reporting 843 properties with foreclosure filings. Fourth highest was Yavapai County, recording 324 properties with foreclosure filings. Mohave County was fifth, tallying 226 properties with foreclosure filings for the month.

State the nation’s eighth largest contributor to total foreclosure activity in February
 Arizona accounted for 4 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

Arizona Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

Arizona

2

0

5,838

0

3,291

9,131

312

2.04

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

0

0

528

0

315

843

189

3.37

1.65

Maricopa

2

0

4,017

0

2,089

6,108

268

2.37

1.16

Santa Cruz

0

0

28

0

28

56

322

1.98

0.97

Yavapai

0

0

214

0

110

324

341

1.87

0.91

Pima

0

0

616

0

439

1,055

418

1.52

0.75

 Arizona Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

Arizona

2

0

5,838

0

3,291

9,131

312

4.37

-41.03

 

 

 

 

 

 

 

 

 

 

Maricopa

2

0

4,017

0

2,089

6,108

268

2.02

-41.75

Pima

0

0

616

0

439

1,055

418

5.08

-36.29

Pinal

0

0

528

0

315

843

189

25.07

-49.94

Yavapai

0

0

214

0

110

324

341

-8.73

-32.22

Mohave

0

0

110

0

116

226

491

15.90

-46.19

 

Data Sales Department:
800.913.0439
datasales@realtytrac.com

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