Arizona Foreclosure Activity Declines In October

Here is the latest news from RealtyTrac:

Foreclosure filings - default notices, scheduled auctions and bank repossessions - were reported on 16,538 Arizona
properties in October, a 3 percent decrease from the previous month, but still 24 percent ahead of the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

One in every 165 Arizona housing units received a foreclosure filing in October, the third highest state foreclosure rate in the nation.

"Foreclosure activity fell slightly in Arizona during October, although it remained well above the level reported for this time last year, leaving the state among the top five hardest-hit in the nation in terms of foreclosures," said James J. Saccacio, chief executive officer of RealtyTrac. "Joblessness within the state continues to hover around the national average as it has for several months. This job market stagnancy provides little hope for those Arizona residents struggling to hold onto their homes in an uncertain economy."

California continued to lead the nation in foreclosure activity, reporting 66,475 properties with foreclosure filings in October.  Florida held remained second highest, tallying 56,858 properties with foreclosure filings. Michigan maintained its third place ranking for the third consecutive month, reporting 19,288 properties with foreclosure filings for the month. Illinois was in fourth place, reporting 16,969 properties with foreclosure filings for the month.
The remaining states in the nation's foreclosure top 10 for October were Georgia (14,850), Nevada (14,205), Ohio (13,233), Texas (13,008) and Washington (6,346). The nation's top 10 accounted for 72 percent of all foreclosure filings in the nation for the month.

Pinal County posts state's top foreclosure rate for October

One in every 94 housing units received a foreclosure filing in Pinal County during October - 4.1 times the national average and 1.8 times the state average, the highest county foreclosure rate in the state for the month. Maricopa County registered the second highest rate, with one in every 134 housing units receiving a foreclosure filing during the month - 2.9 times the national average and 1.2 times the state average. Mohave County was third highest, with one in every 203 housing units receiving a foreclosure filing - 1.9 times the national average.

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