Prescott Arizona Area Foreclosure News

After seeing a modest decrease in foreclosure filings in Arizona for January 2009, February saw a rise of 23% from January of this year and an 88% gain from the same time last year. 

This is despite Countrywide Financial’s recent drop in foreclosures we saw last month.  It will be interesting to see what their inventory will be like next month.

See:  Countrywide’s inventory of REO homes decreases in AZ

Arizona had the nation’s second highest state foreclosure rate in February, with one in every 147 housing units getting a foreclosure filing during the month.  Nevada was highest at one in every 70 housing units.

“The increase in foreclosure activity from January to February is somewhat surprising, given that many of the foreclosure prevention efforts and moratoria in place in January were extended through most of February as well,” said James J. Saccacio, chief executive officer of RealtyTrac. “There were some notable exceptions to this: a 45-day voluntary moratorium in Florida expired at the end of January, and foreclosure activity there was up 14 percent from the previous month; and many New York foreclosure proceedings delayed by a new law for an extra 90 days appear to have hit the system in February, when the state’s foreclosure activity increased 23 percent from the previous month.”

See the full report at www.RealtyTrac.com

Arizona Foreclosure Filings for February 2009

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