Arizona Foreclosure Activity Up in Third Quarter

Total filings increase 8 percent statewide from the second quarter

Default notices down, auctions and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 49,103 Arizona properties during the third quarter, nearly an 8 percent increase from the previous quarter but down almost 3 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 55 Arizona housing units received a foreclosure filing during the quarter, the second highest state foreclosure rate in the nation.

 

For September, Arizona reported 17,117 properties with foreclosure filings, an almost 4 percent increase from the previous month and 15 percent above the level reported for the same month last year. One in every 159 Arizona housing units received a foreclosure filing in September, more than twice the national average and ranking the third highest foreclosure rate among the 50 states.

 

Arizona foreclosures were up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 9 percent during the quarter. The state’s home values declined more than three times the national average during the past year, and home sales were subsequently lower than most states. These trends need to improve before we see foreclosures really start to come down here.”

 

California continued to lead the nation in total foreclosures with 191,016 properties with foreclosure filings for the quarter. The second highest foreclosure activity continued in Florida, where 157,026 properties with foreclosure filings were reported. Arizona had the third highest activity level, reporting 49,103 properties with foreclosure filings. Illinois was fourth, tallying 47,802 properties with foreclosure filings. Fifth highest total was in Michigan, where 46,100 properties with foreclosure filings were reported for the quarter.

 

The remaining states in the nation’s top 10 for total third quarter foreclosure activity were Georgia (41,231), Nevada (38,429), Ohio (36,677), Texas (34,187) and Washington (16,803). In all, the top five states accounted for 53 percent of all foreclosure filings in the nation during the third quarter.

 

Pinal County led state with top foreclosure rate in third quarter

One in every 34 housing units received a foreclosure filing in Pinal County — four times the national average and 1.6 times the state average — the highest foreclosure rate in the state during the third quarter of 2010. Maricopa County posted the second highest rate, with one in every 45 housing units receiving a foreclosure filing during the period — 3.1 times the national average and 1.2 times the state average. Third highest rate was in Mohave County, where one in every 66 housing units received a foreclosure filing — 2.1 times the national average.

 

State’s top foreclosure total for third quarter posted in Maricopa County

Maricopa County dominated the state in total foreclosures, reporting 34,962 properties with foreclosure filings for the quarter. Pima County was second highest, reporting 4,623 properties with foreclosure filings. Pinal County ranked third, tallying 4,237 properties with foreclosure filings. Mohave County was fourth highest, reporting 1,551 properties with foreclosure filings. Yavapai County came in last for the state’s top five, reporting 1,472 properties with foreclosure filings for the quarter.

 

State a minor contributor to nation’s foreclosure total for the quarter

Less than 1 percent of the 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Arizona. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Arizona

36

0

30,743

0

18,324

49,103

55

2.50

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

1

0

2,435

0

1,801

4,237

34

4.04

1.61

Maricopa

33

0

22,413

0

12,516

34,962

45

3.09

1.23

Mohave

1

0

927

0

623

1,551

66

2.11

0.84

Yavapai

0

0

886

0

586

1,472

72

1.93

0.77

Santa Cruz

1

0

139

0

90

230

75

1.84

0.73

 

 

Arizona Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Arizona

36

0

30,743

0

18,324

49,103

55

7.65

-2.46

 

 

 

 

 

 

 

 

 

 

Maricopa

33

0

22,413

0

12,516

34,962

45

9.82

-4.59

Pima

0

0

2,749

0

1,874

4,623

92

-1.60

4.36

Pinal

1

0

2,435

0

1,801

4,237

34

5.29

8.00

Mohave

1

0

927

0

623

1,551

66

6.74

-5.43

Yavapai

0

0

886

0

586

1,472

72

3.15

-2.39

 

 

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