ARIZONA FORECLOSURES JUMP 27 PERCENT IN AUGUST

State’s Activity Down 12 Percent From a Year Ago

 

IRVINE, Calif. – August 31, 2006 – Arizona reported 2,573 properties entering some stage of the foreclosure process in August, a 27 percent spike in activity from the 2,030 properties reported in July, but a 12 percent drop from the 2,913 properties reported for the same month last year, according to the RealtyTrac™ August 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“Although Arizona foreclosures rose sharply in August, the numbers are actually lower than they were this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac.  “While home sales are decreasing, home price appreciation and employment growth has outpaced the many other states. These factors are likely contributing to this yearly decrease in foreclosure activity.”

 

Arizona ranked 13th in the country for total foreclosures reported in August. The state’s foreclosure rate of one new foreclosure filing for every 851 households — 1.2 times the national average — ranks it 11th among the 50 states.

 

Top three counties accounted for largest share of state total

Three counties accounted for 92 percent of all foreclosures in for August. Maricopa County led all counties, reporting 1,730 properties entering some stage of the foreclosure process. Pima County had the second highest total, reporting 516 properties entering some stage of the foreclosure process, followed by Pinal County where 121 properties entered some stage of the foreclosure process.

 

Highest foreclosure rate reported in Pinal County

Pinal County posted the state’s highest foreclosure rate in August, with one new foreclosure filing for every 671 households — 1.2 times the state average and 1.5 times the national average.  Reporting one new foreclosure filing for every 711 households — 1.2 times the state average and 1.4 times the national average — Pima County had the second highest foreclosure rate in the state followed by Maricopa County with one new foreclosure filing for every 723 households — 1.2 times the state average and 1.4 times the national average.

 

State activity makes impact on national total

Arizona‘s foreclosure activity accounted for 2 percent of the 115,292 properties entering some stage of the foreclosure process nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

                        Arizona Foreclosure Market by County – August 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

Arizona

0

0

2,238

239

96

2,573

851

1.18

 

 

 

 

 

 

 

 

 

 

Apache

0

0

2

0

0

2

15,811

0.06

0.05

Cochise

0

0

1

0

1

2

25,563

0.04

0.03

Coconino

0

0

11

0

0

11

4,858

0.21

0.18

Gila

0

0

9

0

3

12

2,349

0.43

0.36

Graham

0

0

2

0

0

2

5,715

0.18

0.15

Greenlee

0

0

2

0

0

2

1,872

0.54

0.45

La Paz

0

0

1

0

0

1

15,133

0.07

0.06

Maricopa

0

0

1,468

219

43

1,730

723

1.39

1.18

Mohave

0

0

48

3

14

65

1,232

0.81

0.69

Navajo

0

0

30

0

3

33

1,437

0.70

0.59

Pima

0

0

489

7

20

516

711

1.41

1.20

Pinal

0

0

108

7

6

121

671

1.50

1.27

Santa Cruz

0

0

9

0

0

9

1,448

0.69

0.59

Yavapai

0

0

37

3

5

45

1,816

0.55

0.47

Yuma

0

0

21

0

1

22

3,370

0.30

0.25

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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