Arizona Foreclosure Activity Up in First Quarter

Filings slide up 15 percent from Q4 2010, drop 17 percent from a year ago

State’s foreclosure rate second highest in the nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 46,047 Arizona properties during the first quarter of 2011, up 15 percent from the fourth quarter of 2010 but 17 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state posted the second highest foreclosure rate in the nation, with one in every 60 Arizona housing units receiving a foreclosure filing during the quarter.

 

Foreclosure filings were reported on 15,705 Arizona properties in March, a 1 percent increase from February but down nearly 17 percent from March 2010. One in every 175 Arizona housing units received a foreclosure filing in March, the second highest state foreclosure rate in the nation for the month.

 

Following California with 168,543 properties with foreclosure filings, and Florida with 58,322 properties with foreclosure filings, the Grand Canyon State reported the third highest foreclosure total in the nation during Q1 2011. Georgia narrowly beat out Michigan for fourth highest, reporting 37,509 properties with foreclosure filings compared to Michigan‘s 37,506 properties with foreclosure filings for the period.

 

The rest of the nation’s top 10 state foreclosure totals for the first quarter of the year included Texas (34,646), Illinois (33,092), Nevada (32,066), Ohio (24,697) and Colorado (13,847). The top five states accounted for 51 percent of the nation’s total quarterly foreclosure activity.

 

Pinal County takes top foreclosure rate honors in the first quarter

One in every 33 housing units in Pinal County received a foreclosure filing during the first quarter of 2011 — 5.9 times the national average and 1.8 times the state average — the highest county foreclosure rate in the state for the first quarter. Maricopa County reported the second highest rate with one in every 50 housing units receiving a foreclosure filing — 3.8 times the national average and 1.2 times the state average. One in every 73 housing units in Yavapai County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 2.6 times the national average.

 

Maricopa County led the state in foreclosure activity for first quarter

Maricopa County led all counties in total foreclosure activity, reporting 31,885 properties with foreclosure filings during the quarter. Pima County was second highest, reporting 4,606 properties with foreclosure filings. Third highest total was tallied in Pinal County, where 4,537 properties with foreclosure filings were reported. Reporting 1,456 properties with foreclosure filings, Yavapai County registered the fourth highest total in the state. Fifth highest was Mohave County, where 1,310 properties with foreclosure filings were reported for the quarter.

 

State a large contributor to nation’s foreclosure total in the first quarter

Arizona accounted for 7 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

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 – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

Arizona

24

0

27,081

0

18,942

46,047

60

3.19

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

1

0

2,557

0

1,979

4,537

33

5.85

1.83

Maricopa

19

0

18,842

0

13,024

31,885

50

3.83

1.20

Yavapai

1

0

809

0

646

1,456

73

2.60

0.81

Mohave

1

0

817

0

492

1,310

79

2.43

0.76

Santa Cruz

0

0

141

0

57

198

89

2.15

0.67

 

 

 

 

 

 

 

 

 

Arizona Top Foreclosure Totals by County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

Arizona

24

0

27,081

0

18,942

46,047

60

15.18

-17.31

 

 

 

 

 

 

 

 

 

 

Maricopa

19

0

18,842

0

13,024

31,885

50

12.44

-17.53

Pima

1

0

2,662

0

1,943

4,606

93

21.15

0.15

Pinal

1

0

2,557

0

1,979

4,537

33

27.91

-30.58

Yavapai

1

0

809

0

646

1,456

73

25.41

-9.79

Mohave

1

0

817

0

492

1,310

79

8.00

-27.58

 

 

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