Arizona ranks 7 in top foreclosure states

Arizona again made the top 10 list for states with the largest foreclosure rates according to a third quarter analysis done by Realtytrac. Arizona ranked in at number 7, with Nevada and California taking first and second place.


National foreclosure rates were up 30% for 2007's third quarter, with 635,259 foreclosure filings nationwide. This amounts to about one foreclosure filing for every 196 households for the quarter. Arizona reported 22,750 foreclosures for Q3 2007 , about one foreclosure for every 112 households in the state. It results in a 44% increase in foreclosures from Q2 2007, and over a 200% increase from third quarter 2006.

Looking at the map below it's easy to locate high foreclosure areas (think pink!) Both coasts seem to be carrying the brunt while the Midwest appears to be holding steady, other then Michigan and Ohio (Michigan is suffering through one of the worst housing markets in the nation). It's evident that states that saw an explosion of population and real estate growth in 2004-2005 are the same ones that appear to be suffering right now.

Each time we review new foreclosure statistics we ask the same questions, what's causing it? There are several contributing factors, and most are a result of the credit crunch we continue to experience. So as not to drag this blog out I've added a separate blog to describe some of the reasons behind the current explosion in foreclosures.

For more information about Arizona foreclosure statistics