CALIFORNIA FORECLOSURE ACTIVITY INCREASES 35 PERCENT IN FIRST QUARTER

State Activity Up 36 Percent From Q1 2008; Foreclosure Rate Ranks No. 3

Monthly Activity Up 33 percent in March, Surges 67 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 230,915 California properties in the first quarter of 2009, a 35 percent increase from the previous quarter and 36 percent ahead of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 58 California housing units received a foreclosure filing during the quarter, the third highest state foreclosure rate in the nation.

 

The Golden State reported 107,785 properties with foreclosure filings in March, a 33 percent increase from the previous month and 67 percent above its March 2008 total. The state’s monthly and quarterly totals were the highest ever reported since RealtyTrac began issuing its report back in January 2005.

 

California continued its status as the nation’s uncontested leader in total foreclosure activity on both a quarterly and monthly basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “This comes as no surprise considering that the state is suffering from high unemployment, deflated home prices and a large inventory of foreclosed properties. Probably the most significant factor contributing to this large rise in activity, however, was the state’s new law requiring lenders to give borrowers an extra 30-day notice prior to commencing foreclosure. This law, which was enacted in the September last year, did nothing more than delay the inevitable despite the government’s best efforts to assist distressed homeowners facing foreclosure.”

 

Although California documented the highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 58 housing units receiving a foreclosure filing during the quarter — came in third behind that of Nevada and Arizona. One in every 27 Nevada housing units received a foreclosure filing during the quarter, and one in every 54 Arizona housing units received a foreclosure filing during the quarter

 

Other states with foreclosure rates among the 10 highest were Florida, Illinois, Michigan, Georgia, Idaho and Utah.

 

Los Angeles County the single largest contributor to state total for the quarter

Los Angeles County accounted for 20 percent of the state’s overall foreclosure activity during the first quarter, reporting 47,300 properties with foreclosure filings. Riverside County was a distant second, reporting 28,080 properties with foreclosure filings for the quarter. San Bernardino County was close behind in third, reporting 22,805 properties with foreclosure filings. San Diego County registered the fourth highest total, documenting 17,887 properties with foreclosure filings. Fifth highest total was tallied in Sacramento County, where 13,511 properties with foreclosure filings were reported.

 

Merced, San Joaquin counties score highest rates in the state for first quarter

Two Northern California counties posted the highest county foreclosure rates in the state during the first quarter. Merced County led the state, with one in every 24 housing units receiving a foreclosure filing — 2.4 times the state average and 6.7 times the national average. San Joaquin County came in a close second, with one in every 27 housing units receiving a foreclosure filing — 2.1 times the state average and 5.9 times the national average. Third highest rate was documented in Riverside County, where one in every 27 housing units received a foreclosure filing during the month — 2.1 times the state average and 5.9 times the national average.

 

State the single largest contributor to nation’s foreclosure total for Q1 2009

California accounted for nearly 29 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter  — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is filed against a property during the quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

               California Foreclosure Market Data by County – Q1 2009

                            Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16

23.63

California

124,875

0

60,256

0

45,784

230,915

58

35.13

35.97

 

 

 

 

 

 

 

 

 

Alameda

3,947

0

1,836

0

1,352

7,135

79

25.15

31.59

Alpine

1

0

2

0

0

3

578

-25.00

200.00

Amador

98

0

66

0

44

208

83

36.84

108.00

Butte

387

0

199

0

176

762

124

9.17

81.86

Calaveras

187

0

86

0

90

363

75

41.80

113.53

Colusa

68

0

25

0

40

133

56

37.11

150.94

Contra Costa

4,209

0

2,150

0

1,709

8,068

49

13.71

11.37

Del Norte

26

0

11

0

8

45

244

40.63

181.25

El Dorado

667

0

242

0

203

1,112

74

48.46

61.16

Fresno

3,152

0

1,440

0

980

5,572

55

36.97

46.17

Glenn

58

0

39

0

15

112

96

43.59

220.00

Humboldt

111

0

39

0

40

190

310

66.67

69.64

Imperial

580

0

260

0

249

1,089

49

50.41

55.79

Inyo

16

0

7

0

4

27

336

35.00

170.00

Kern

3,964

0

1,852

0

1,444

7,260

37

26.61

41.99

Kings

297

0

120

0

184

601

70

27.87

70.74

Lake

272

0

265

0

125

662

53

68.45

108.18

Lassen

40

0

18

0

18

76

169

100.00

76.74

Los Angeles

27,045

0

12,448

0

7,807

47,300

71

42.57

47.00

Madera

743

0

282

0

379

1,404

35

35.91

124.64

Marin

314

0

148

0

109

571

190

43.83

34.99

Mariposa

31

0

14

0

15

60

163

62.16

106.90

Mendocino

114

0

51

0

35

200

194

37.93

129.89

Merced

1,402

0

960

0

1,135

3,497

24

17.39

46.75

Modoc

5

0

3

0

1

9

537

80.00

28.57

Mono

27

0

12

0

5

44

307

57.14

76.00

Monterey

1,286

0

730

0

606

2,622

53

10.77

38.36

Napa

361

0

222

0

118

701

76

33.27

102.02

Nevada

256

0

133

0

77

466

107

44.72

113.76

Orange

7,006

0

3,124

0

2,222

12,352

83

38.12

28.79

Placer

1,400

0

669

0

443

2,512

58

59.09

44.95

Plumas

72

0

33

0

25

130

115

160.00

251.35

Riverside

14,509

0

7,318

0

6,253

28,080

27

44.34

35.48

Sacramento

6,980

0

3,323

0

3,208

13,511

41

33.76

17.04

San Benito

187

0

116

0

112

415

43

6.68

20.29

San Bernardino

11,999

0

6,294

0

4,512

22,805

30

36.98

38.10

San Diego

9,773

0

4,782

0

3,332

17,887

63

35.05

16.79

San Francisco

517

0

204

0

106

827

433

34.69

21.62

San Joaquin

4,370

0

2,189

0

1,871

8,430

27

29.97

11.51

San Luis Obispo

529

0

223

0

217

969

119

27.33

124.31

San Mateo

1,017

0

390

0

277

1,684

158

30.14

58.87

Santa Barbara

859

0

331

0

294

1,484

102

36.40

58.89

Santa Clara

3,637

0

1,526

0

1,154

6,317

97

34.78

43.57

Santa Cruz

473

0

259

0

191

923

111

28.02

66.01

Shasta

450

0

220

0

194

864

89

35.42

126.18

Sierra

9

0

1

0

2

12

190

20.00

71.43

Siskiyou

63

0

34

0

21

118

199

37.21

57.33

Solano

2,122

0

1,075

0

826

4,023

37

25.56

33.57

Sonoma

1,181

0

613

0

447

2,241

88

5.31

60.30

Stanislaus

2,998

0

1,525

0

1,408

5,931

29

29.16

10.57

Sutter

323

0

158

0

121

602

55

25.94

60.53

Tehama

103

0

72

0

48

223

118

46.71

0.45

Trinity

8

0

2

0

1

11

754

10.00

1000.00

Tulare

1,299

0

551

0

458

2,308

59

28.51

82.31

Tuolumne

118

0

46

0

38

202

150

14.77

74.14

Ventura

2,288

0

968

0

665

3,921

69

47.52

66.14

Yolo

546

0

293

0

201

1,040

69

35.77

88.41

Yuba

375

0

257

0

169

801

35

15.58

78.00

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

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