Foreclosure Home Press Releases LOS ANGELES FORECLOSURE ACTIVITY DOWN 18 PERCENT IN FEBRUARY

LOS ANGELES FORECLOSURE ACTIVITY DOWN 18 PERCENT IN FEBRUARY

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City’s Foreclosure Rate Ranks Highest Among Top Five Metro Areas
California Leads Nation in Foreclosure Activity

IRVINE, Calif. – March 28, 2008 – The Los Angeles metro area, comprising Los Angeles County, reported 9,658 properties with foreclosure filings in February, an 18 percent decrease from the previous month, but still a 144 percent increase from February 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The Los Angeles metro area had the highest foreclosure rate among the five of the nation’s largest metropolitan areas, with one in every 346 households receiving a foreclosure filing — 1.6 times the national average. The metro area’s foreclosure rate was higher than foreclosure rates in New York, Philadelphia, Chicago and Dallas.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million 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 Los Angeles metropolitan area continues to be plagued with declining home values, rising levels of unsold homes and a growing number of foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “Until inventories decrease and prices stabilize the number of foreclosures will continue to grow.”

Inland Empire foreclosure rate slows
The foreclosure rate in the Riverside-San Bernardino metropolitan area decreased 18 percent in February, and the region documented the fifth highest metro foreclosure rate in the nation. The metro area, comprised of Riverside and San Bernardino counties, reported 11,066 properties with foreclosure filings during the month. With one in every 122 households receiving a foreclosure filing, the metro area’s foreclosure rate was 4.6 times the national average.

One in every 334 Orange County households received a foreclosure filing in February — 1.7 times the national average, and a 5 percent decrease in foreclosure activity from the previous month. Foreclosure filings were reported on 3,047 Orange County properties during the month, up 152 percent from February 2007.

San Diego County reported 4,728 properties with foreclosure filings in February, a 13 percent decrease from the previous month but still 177 percent above the number reported in February 2007. With one in every 235 households receiving a foreclosure filing, the county’s foreclosure rate was 2.4 times the national average.

California posts nation’s highest foreclosure total
Total foreclosure filings in California accounted for 24 percent of the 223,651 properties with foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, but is still 60 percent ahead of the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during the month.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings nationwide, statewide and by county in the Los Angeles-Long Beach-Glendale Metropolitan Statistical Area Division over the preceding month. RealtyTrac’s report includes documents filed in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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 repurchased by a bank).

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

Los Angeles Area Foreclosure Market Statistics by County – February 2008

Area NODs NTSs NFSs LISs REOs Total 1 for every #HH /Natl Avg

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

--

California

35,731

6,759

0

0

11,139

53,629

242

2.30

Los Angeles MSAD (LA County)

6,673

1,315

0

0

1,670

9,658

346

1.61

Orange County

2,051

475

0

0

521

3047

334

1.66

Riverside County

3,969

788

0

0

1,346

6,103

115

5.77

San Bernardino County

3,293

435

0

0

1,235

4,963

132

4.83

San Diego County

3,134

506

0

0

1,088

4,728

235

2.36

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/gateway_co.asp?accnt=137300), 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/gateway_co.asp?accnt=137300.

###

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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