California Backs Off Record Foreclosure High in August

After two straight months of gains to a record high for 2009, foreclosure activity in California fell 15 percent in August to 92,326 properties with foreclosure filings, down 9 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  One in every 144 California housing units received a foreclosure filing in August, moving the state down one notch to third highest foreclosure rate in the nation.

 

“Leading up to the August decline in activity, California experienced two consecutive months of significant increases in foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “Despite an unemployment level that continues to soar above the national average, the state’s foreclosure activity lost some momentum in August as evidenced by the number of banked-owned properties, which fell 32 percent during the month. Default notices decreased 22 percent.”

 

The Golden State continues to far outdistance Florida — its closest rival for the nation’s top foreclosure slot — which reported 62,401 properties with foreclosure filings in August. Michigan took over the number three slot, reporting 19,359 properties with foreclosure filings for the month. Nevada narrowly remained in fourth place, documenting 17,902 properties with foreclosure filings, and Arizona, which fell two spots to fifth place, reported 17,807 properties with foreclosure filings.

 

The remainder of the nation’s top 10 states for total foreclosure filings in August were Illinois (13,078), Georgia (11,947), Ohio (11,368), Texas (11,261) and New Jersey (8,316). Activity in the top five states accounted for 58 percent of all foreclosure filings in the nation for August.

 

San Joaquin County posts state’s top foreclosure rate in August

With one in every 74 housing units receiving a foreclosure filing — 4.8 times the national average and twice the state average — San Joaquin County posted the highest county foreclosure rate in the state for August. Riverside County had the second highest rate, also with one in every 74 housing units receiving a foreclosure filing during the month. Third highest rate was documented in Merced County, where one in every 78 housing units received a foreclosure filing — 4.6 times the national average and 1.8 times the state average.

 

So Cal continues to dominate state in foreclosure totals for August

The highest foreclosure totals in the state occurred in five Southern California counties in August, with Los Angeles County leading the way once again, tallying 20,498 properties with foreclosure filings for the month. Riverside County remained the county with the second highest foreclosure total, documenting 10,162 properties with foreclosure filings. Reporting 7,835 properties with foreclosure filings for the month, San Bernardino County continued as third highest total in the state. San Diego County was fourth highest once again, reporting 6,717 properties with foreclosure filings, while the fifth highest total was in Orange County, where 5,944 properties with foreclosure filings were reported for the month.

 

State responsible for a quarter of nation’s foreclosure activity in August

California accounted for 26 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units received a foreclosure filing during the month.

 

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 month — 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 month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

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

 

 

California Top Foreclosure Rates By County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

California

39,542

1

38,193

0

14,590

92,326

144

2.55

n/a

 

 

 

 

 

 

 

 

 

 

San Joaquin

1,285

0

1,181

0

608

3,074

74

4.84

1.96

Riverside

4,199

0

4,408

0

1,555

10,162

74

4.80

1.94

Merced

412

0

416

0

233

1,061

78

4.56

1.84

Solano

791

0

625

0

413

1,829

82

4.36

1.76

Stanislaus

789

0

821

0

450

2,060

84

4.23

1.71

 

 

California Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

California

39,542

1

38,193

0

14,590

92,326

144

-14.60

-9.24

 

 

 

 

 

 

 

 

 

 

Los Angeles

8,535

0

9,000

0

2,963

20,498

165

-9.06

3.51

Riverside

4,199

0

4,408

0

1,555

10,162

74

-15.63

-11.52

San Bernardino

3,171

0

3,380

0

1,284

7,835

87

-17.14

-18.82

San Diego

3,077

0

2,635

0

1,005

6,717

169

-16.36

-18.02

Orange

2,732

0

2,647

0

565

5,944

173

-18.42

3.09

 

 

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