Foreclosure Home Press Releases LOS ANGELES FORECLOSURE ACTIVITY UP 64 PERCENT IN MAY

LOS ANGELES FORECLOSURE ACTIVITY UP 64 PERCENT IN MAY

Print Email
Comments Add Comment

City’s Foreclosure Rate Jumps to Highest Among Top Five Metro Areas
California Foreclosure Activity Up 30 Percent

IRVINE, Calif. – June 30, 2007 – Los Angeles County reported 9,329 foreclosure filings in May, a 64 percent increase from the previous month and elevating the area’s foreclosure rate to one foreclosure filing for every 351 households — highest among five of the nation’s largest metropolitan areas and 1.9 times the national average, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 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 pre-foreclosure and foreclosure properties, with over 900,000 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.

“Los Angeles County alone reported more foreclosure filings than all but five entire states,” said James J. Saccacio, chief executive officer of RealtyTrac. ”But despite the increases we’ve seen in Los Angeles over the past few months, the city’s foreclosure rate is still not as high as other areas of California, where a combustible mix of low affordability and slowing home price appreciation have left many homeowners, particularly those who purchased in the last couple of years, on the brink of foreclosure with no safety net in sight.”

Inland Empire foreclosure rate continues to climb
The foreclosure rate in the Riverside-San Bernardino metropolitan area increased 19 percent in May, helping the region document the fifth highest metro foreclosure rate in the nation. The metro area reported 8,183 foreclosure filings during the month, a foreclosure rate of one new foreclosure filing for every 145 households — 4.5 times the national average.

Orange County documented a foreclosure rate of one foreclosure filing for every 543 households — 1.2 times the national average — thanks to a 12 percent increase in foreclosure activity in May. The county reported 1,786 foreclosure filings during the month.

San Diego County reported 3,373 foreclosure filings in May, a 29 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 308 households — 2.1 times the national average.

California posts nation’s highest foreclosure total
California reported 39,659 foreclosure filings in May, more than any other state and a 30 percent increase from the previous month. The state’s foreclosure rate of one foreclosure filing for every 308 households jumped to third highest among the states and was more than twice the national average.

A total of 176,137 foreclosure filings were reported nationwide in May, a 19 percent increase from the previous month and a 90 percent increase from May 2006. The national foreclosure rate was one foreclosure filing for every 656 households.

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 – May 2007

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

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

--

California

29,132

7,037

0

0

3,490

39,659

308

2.13

Los Angeles MSAD (LA County)

6,911

1,651

0

0

767

9,329

351

1.87

Orange County

1,438

297

0

0

51

1,786

543

1.21

Riverside County

3,293

1,085

0

0

172

4,550

128

5.11

San Bernardino County

2,624

632

0

0

377

3,633

166

3.97

San Diego County

2,553

442

0

0

378

3,373

308

2.13

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


Print Email < Back to Press Releases
Printed from www.RealtyTrac.com

Comments

Add Your Comment

You must be logged in to leave a comment. Login | Register

Submit


Search Press Releases