Defaults Rise in
Orange, Riverside Counties; Top Rate in San Bernardino County
Calif. – May 9, 2013 – Foreclosure filings were reported on
8,202 Southern California properties in April, down 23 percent from March for
the five-county region, and a 61 percent drop from the level reported for April
2012, according to the RealtyTrac® Southern California Foreclosure Market
One in every 524 housing units received a
foreclosure filing during the month in San Bernardino County, the highest
foreclosure rate of the five counties in the region and ranked No. 16 in the
Orange County reported 544 Notices of Default (NODs)
in April, a 30 percent increase from March, and the highest level of NODs in
the county so far in 2013. Riverside County reported 750 NODs in April, a 4
percent increase from the previous month, and also the highest level of new foreclosure
filings the county has seen this year.
“The increase in NODs is an
expected result of the California Homeowner Bill of Rights that took effect in
January,” said Rich Cosner,
president of Prudential California Realty covering Orange,
Riverside and San Bernardino counties in Southern California. “This increase in
NODs will put no downward pressure on prices because demand for property is so
high. It may move some homeowners, who have been living in their home for a
long time without making payments, to put their home on the market, but you
could put five times the number of NODs on the market and the homes would be
sold in less than 30 days.”
The three remaining counties in
the region reported declines in the number of NODs for the month after posting
two consecutive months of increases in the previous two months. San Diego
County NODs were down 13 percent, Los Angeles County NODs were down 8 percent
and San Bernardino County NODs were down 4
Region’s foreclosure rates
substantially off their highs
Foreclosure rates for the five counties
that comprise the Southern California region reached lows in April that have
not been seen in many years.
Even with the highest
foreclosure rate in the region for April, at one in every 524 housing units
with a foreclosure filing, San Bernardino County is at the lowest rate reported
since August 2006.
Neighboring Riverside County reported a
rate of one in every 566 housing units with a foreclosure filing in April,
ranked No. 21 in the state, but also the lowest rate in the county since August
One in every 986 Los Angeles County housing units had
a foreclosure filing in April, ranked No. 41 out of the 58 counties in the state
for the month, and the lowest foreclosure rate reported for the county since
San Diego County reported a foreclosure rate
of one in every 1,089 housing units with foreclosure filings, ranking No. 45 in
the state for April, also the lowest county rate reported since December
Reporting one in every 1,142 housing units with a
foreclosure filing, Orange County had the lowest foreclosure rate in the region
for April, ranking No. 47 in the state. As in Los Angeles and San Diego
counties, Orange County’s latest foreclosure rate is also the lowest reported
since December 2006.
State second largest contributor to nation’s foreclosure
total in April
California reported 16,161 properties
with foreclosure filings in April, second only to national leader Florida. The
Golden State’s foreclosure total represents a 13 percent decline from March and
a 59 percent decrease from the level reported in April 2012. One in every 843
California housing units had a foreclosure filing during the month, the 13th
highest state foreclosure rate in the
High-level national findings from the
- Nationwide, foreclosure
filings were reported on 144,790 U.S. properties in April, a decrease
of 5 percent from the previous month and down 23 percent from April 2012. Total
foreclosure activity in April was at the lowest level since February 2007, a
judicial foreclosure auctions (NFS) increased 22 percent
from March to April and were up 31 percent from a year ago to the highest level
since October 2010 — a 30-month high.
- Scheduled foreclosure
auctions increased from a year ago in 15 of the 26 judicial or quasi-judicial
foreclosure states, including Maryland (199 percent increase), New Jersey (91
percent increase), Ohio (73 percent increase), Oklahoma (57 percent increase),
and Florida (55 percent). Scheduled foreclosure auctions reached a 68-month
high in Ohio, a 31-month high in Maryland, a 27-month high in New Jersey, and
an 18-month high in Oklahoma.
Scheduled non-judicial foreclosure auctions (NTS) in April
were down 7 percent from March and down 43 percent from April 2012 to the
lowest level since December 2005 — an 88-month low.
- A total of 70,133 U.S.
properties started the foreclosure process in April, down 4 percent from the
previous month and down 28 percent from a year ago.
Despite the nationwide decline, 22 states reported increasing foreclosure
starts from the previous month, including New Jersey (138 percent increase),
Connecticut (46 percent increase), Texas (37 percent increase), Georgia (35
percent increase), Oregon (16 percent increase), and California (13 percent
increase). Foreclosure starts reached a 36-month high in Connecticut, a
27-month high in New Jersey, and were up on a monthly basis for the third
consecutive month in California after hitting a 90-month low in January, when new
legislation impacting the foreclosure process took effect.
- Lenders repossessed 34,997
U.S. properties in April, down 20 percent from March and down 32 percent from
April 2012 to the lowest level since July 2007 — a 69-month low.
Lender repossessions (REO) decreased from a year ago in 37 states and the
District of Columbia in April, but some notable exceptions where REO activity
increased from a year ago included Washington (164 percent increase), Maryland
(98 percent increase), Oklahoma (19 percent increase), and Ohio (17 percent
- Nevada posted
the nation’s highest state foreclosure rate for the second month in a row
despite a 15 percent monthly decrease in foreclosure activity.
Akron, Ohio, posted the nation’s highest metro foreclosure rate in April thanks
in part to a 147 percent annual increase in overall foreclosure activity. One
other Ohio city (Columbus), along with five Florida cities, Las Vegas, Myrtle
Beach, S.C. and Chicago also registered top 10 metro foreclosure rates in
- As of the beginning
of May, A total of 11.3 million mortgages nationwide were seriously underwater,
meaning combined amount of mortgages secured by the home was at least 25
percent more than the estimated value of the home. That represented 26 percent
of all outstanding mortgages, but was down nearly 1.5 million from the 12.8
million seriously underwater mortgages in May
the full national foreclosure report for April
The RealtyTrac U.S. Foreclosure Market
Report provides a count of the total number of properties with at least one
foreclosure filing entered into the RealtyTrac database during the month —
broken out by type of filing. Some foreclosure filings entered into the
database during the month may have been recorded in previous months. Data is
collected from more than 2,200 counties nationwide, and those counties account
for more than 90 percent of the U.S. population. RealtyTrac’s report
incorporates documents filed in all three phases of foreclosure: Default
of Default (NOD) and Lis
Pendens (LIS); Auction — Notice of Trustee’s Sale
and Notice of Foreclosure Sale (NTS and NFS); and Real
Estate Owned, or REO
properties (that have been foreclosed on and repurchased by a bank).
The report does not count a property again if it receives the same type of
foreclosure filing multiple times within the estimated foreclosure timeframe
for the state where the property is located.
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