Los Angeles Foreclosure Rate Back Above National Average
California Posts Highest State Foreclosure Total for Second Straight Month
IRVINE, Calif. – Dec. 19, 2006 – Foreclosure activity in Los Angeles spiked 76 percent in November, pushing the city’s foreclosure rate back above the national average, according to the RealtyTrac™ U.S. Metropolitan Foreclosure Report.
The metro area, which is comprised of Los Angeles County, documented 4,493 new foreclosure filings during the month, a foreclosure rate of one new foreclosure filing for every 728 households — 1.3 times the national average.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
“After taking a one-month break last month, Los Angeles foreclosures resumed their upward climb in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “But despite the increases in past months and the spike this month, the city’s foreclosure rate remains at the median level among the nation’s top five metro areas.”
Foreclosure rates in Dallas and Chicago were higher than the rate in Los Angeles, while rates in New York and Philadelphia were lower than the rate in Los Angeles.
Orange County foreclosures up thirty three percent
Foreclosure activity also jumped in nearby Orange County, where 1,083 new foreclosure filings were documented in November — an increase of more than 33 percent from the previous month. The county’s foreclosure rate of one new foreclosure filing for every 895 households rose slightly above the national average but was still below the state average.
Inland Empire foreclosures among nation’s highest
Increasing foreclosures in Riverside and San Bernardino counties pushed the Inland Empire’s foreclosure rate to third highest among the nation’s metro areas. Together, the two counties reported 4,747 new foreclosure filings, an increase of more than 57 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 250 households — 3.8 times the national average.
California reported 19,248 new foreclosure filings in November, an increase of nearly 20 percent from the previous month and the most new foreclosure filings reported by any state for the second month in a row. The state’s foreclosure rate of one new foreclosure filing for every 635 households ranked seventh highest among all the state foreclosure rates and was 1.5 times the national average.
A total of 120,334 new foreclosure filings were reported nationwide in November, an increase of more than 4 percent from the previous month and an increase of more than 68 percent from November 2005. The national foreclosure rate of one new foreclosure filing for every 961 households was the highest national foreclosure rate reported in any month so far this year.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, statewide and by county in the Los Angeles Metropolitan Statistical Area Division over the preceding month. 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 repossessed by a bank).
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. (http://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 http://www.realtytrac.com/.
Order Customized Reports
Detailed and historical foreclosure data used to create the above report may be
purchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext.
158. Aggregate data is available at the state, metro, county and zip code
levels dating back to 2005, and address-level foreclosure records are also
949.502.8300 Ext. 139
949.502.8300 Ext. 268
Detailed & Historical Data:
949.502.8300 Ext. 158