Arizona Foreclosures Down in 2010

Foreclosure filings drop 5 percent from 2009; foreclosure rate 2nd highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 155,878 Arizona properties for 2010, down 5 percent from a year ago, but still 33 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™. One in every 17 Arizona housing units received a foreclosure filing, the second highest state foreclosure rate in the nation for the year.

 

Foreclosure filings were reported on 13,561 Arizona properties in December 2010, a 31 percent increase from November, but still 33 percent lower than the level reported in December 2009. One in every 201 Arizona housing units received a foreclosure filing during the month, 2.5 times the national average.

 

“Foreclosure activity in Arizona may be down from its 2009 high, but it remains grossly elevated compared to what was reported for 2008, demonstrating the level of damage brought on within one year and the time it takes for a state to truly bounce back,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment remained high within the state over the course of 2010, keeping the possibility of foreclosure top-of-mind among the state’s struggling residents.”

 

Arizona had the third highest total in the nation in 2010. California continued to lead the nation, reporting 546,669 properties with foreclosure filings. Florida came in second, tallying 485,286 properties with foreclosure filings. Illinois came in a close fourth, reporting 151,304 properties with foreclosure filings. Michigan made it into the nation’s top five for 2010, tallying 135,874 properties with foreclosure filings.

 

The remaining states in the nation’s Top 10 for 2010 were Georgia (130,966), Texas (118,923), Ohio (108,160), Nevada (106,160) and New Jersey (64,808). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Pinal County posts state’s top foreclosure rate in 2010

Pinal County posted the highest foreclosure rate in Arizona in 2010, with one in every 10 housing units receiving a foreclosure filing — 4.5 times the national average. Maricopa County came in second, with one in every 14 housing units receiving a foreclosure filing in 2010 — 3.2 times the national average. The next highest was Mohave County, where one in every 21 housing units received a foreclosure filings during the year — 2.2 times the national average.

 

Maricopa County led the state in foreclosure activity in 2010

Maricopa County led Arizona in foreclosure activity, reporting 110,082 properties with foreclosure filings. Next highest was Pinal County, where 14,638 properties with foreclosure filings were reported. Pima County was third highest, reporting 14,480 properties with foreclosure filings for the year. Mohave County came in fourth, tallying 4,917 properties with foreclosure filings. Fifth highest total for the year was in Yavapai County, where 4,603 properties with foreclosure filings were reported.

 

State the nation’s third largest contributor to total foreclosure activity in 2010

Arizona accounted for 5 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Arizona

146

4

87,787

0

67,941

155,878

17

2.57

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

2

0

7,706

0

6,930

14,638

10

4.52

1.76

Maricopa

137

4

63,426

0

46,515

110,082

14

3.15

1.22

Mohave

1

0

2,580

0

2,336

4,917

21

2.17

0.84

Yavapai

0

0

2,358

0

2,245

4,603

23

1.95

0.76

Santa Cruz

2

0

404

0

314

720

24

1.86

0.72

 

 

Arizona Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Arizona

146

4

87,787

0

67,941

155,878

17

-4.49

33.33

 

 

 

 

 

 

 

 

 

 

Maricopa

137

4

63,426

0

46,515

110,082

14

-7.74

23.89

Pinal

2

0

7,706

0

6,930

14,638

10

0.99

65.78

Pima

4

0

7,869

0

6,607

14,480

29

13.14

60.12

Mohave

1

0

2,580

0

2,336

4,917

21

-9.48

37.50

Yavapai

0

0

2,358

0

2,245

4,603

23

0.92

72.53

 

 

 

Arizona Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Arizona

10

0

9,174

0

4,377

13,561

201

2.49

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

0

0

708

0

493

1,201

121

4.13

1.66

Maricopa

10

0

6,746

0

2,926

9,682

162

3.09

1.24

Yavapai

0

0

229

0

147

376

282

1.78

0.71

Pima

0

0

870

0

479

1,349

316

1.58

0.64

Mohave

0

0

198

0

113

311

328

1.53

0.61

 

 

Arizona Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Arizona

10

0

9,174

0

4,377

13,561

201

30.60

-32.70

 

 

 

 

 

 

 

 

 

 

Maricopa

10

0

6,746

0

2,926

9,682

162

33.80

-25.43

Pima

0

0

870

0

479

1,349

316

39.22

-25.80

Pinal

0

0

708

0

493

1,201

121

39.65

-62.48

Yavapai

0

0

229

0

147

376

282

8.99

-35.06

Mohave

0

0

198

0

113

311

328

-26.48

-59.08

 

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