Foreclosure Home Press Releases LOS ANGELES FORECLOSURES DECREASE 27 PERCENT IN DECEMBER

LOS ANGELES FORECLOSURES DECREASE 27 PERCENT IN DECEMBER

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Los Angeles Foreclosure Rate Still Above National Average
California Foreclosures Down 34 Percent

IRVINE, Calif. – Jan. 17, 2007 – Los Angeles foreclosure activity decreased 27 percent in December, but the city’s foreclosure rate still registered slightly above the national average, according to the RealtyTrac™ U.S. Metropolitan Foreclosure Report.
 
Click to enlarge RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 800,000 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.

The metro area, comprising Los Angeles County, documented 3,281 new foreclosure filings during the month, bringing the fourth quarter foreclosure total to 10,331 — the highest quarterly total of the year — and the 2006 total to 31,358. The metro’s foreclosure rate of one new foreclosure filing for every 997 households was 1.1 times the national average.

“Although slightly above the national average, the foreclosure rate in Los Angeles dropped from third highest to fourth among the five major metropolitan areas that we track each month thanks to the decrease in foreclosure activity in December,” said James J. Saccacio, chief executive officer of RealtyTrac.

Only New York documented a lower foreclosure rate than Los Angeles. Philadelphia, Chicago and Dallas foreclosure rates were all higher than Los Angeles.

Los Angeles area agent Christine Tapia, a member of the RealtyTrac Agent Network™, said she’s seeing a few more bank-owned properties popping up in the area, but she believes most homeowners who fall into default are able to avoid losing their property to the bank.

“There are so many options. There are payment plans that the banks are offering. A lot of the defaults, they’re refinancing and getting into another loan,” she said, noting that the wide array of loan programs now available on the market are helping prevent an overwhelming wave of foreclosures like the one that pulled down the Southern California market about 10 years ago.

Since the beginning of the year, Tapia has noticed a surge in interest from buyers. “Our area is still pretty stable, and now it’s starting to really pick up. Everybody’s gung-ho,” she said. “In December and November, people were just at a standstill compared to now.”

Orange County and Inland Empire foreclosures down
Orange County reported 727 new foreclosure filings in December, a decrease of 33 percent from the previous month. The county’s foreclosure rate of one new foreclosure filing for every 1,334 dropped below the national average.

After posting the nation’s third highest metro foreclosure rate the previous month, the Riverside/San Bernardino metropolitan area reported a 35 percent decrease in foreclosure activity and a foreclosure rate of one new foreclosure filing for every 381 households — 15th highest among the nation’s metro areas and 2.8 times the national average. The metro area, comprised of Riverside and San Bernardino counties, reported a total of 3,110 new foreclosure filings during the month.

California foreclosure total drops from top spot
California reported 12,623 new foreclosure filings in December, a decrease of 34 percent from the previous month but still an increase of 65 percent from December 2005. The state’s foreclosure total slipped to second highest in the nation after three consecutive months in the top spot.

New foreclosure filings nationwide totaled 109,652 in December, a decrease of nearly 9 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 1,055 households. U.S. foreclosure activity was still up nearly 35 percent from December 2005.

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).

Los Angeles Area Foreclosure Market Statistics by County – Dec 2006

Geography NOD NTS NFS LIS REO Total 1 in every # households /National Average

United States

26,593

41,292

5,472

15,887

20,408

109,652

1,055

--

California

9,638

2,348

0

1

636

12,623

968

1.1

Los Angeles MSAD (LA County)

2,684

415

0

0

182

3,281

997

1.1

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/.

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Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com


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