California Foreclosure Activity 32 Percent Off Peak in November

Statewide filings down 13 percent from October; rate ranks #3 nationally

 

California foreclosure activity fell for the fourth consecutive month in November to 73,995 properties with foreclosure filings, down 32 percent from its July peak and a 13 percent drop from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  The monthly total is still 22 percent ahead of the level reported in November 2008. With one in every 180 California housing units receiving a foreclosure filing in November, the state’s foreclosure rate fell one notch to third highest in the nation.

 

“Foreclosure activity in California continued its steady monthly decline in November, but was still significantly ahead of its level from a year ago, maintaining California’s status as the national leader in total foreclosure filings,” said James J. Saccacio, chief executive officer of RealtyTrac. “The decline in foreclosure filings can be at least partly attributed to an upswing in recent home sales volume, prompted by the extension and expansion of the federal government’s tax credit program to include both first-time and move-up homebuyers now.”

 

The Golden State held on to its substantial lead in total foreclosure activity. Florida came in second once again, reporting 52,935 properties with foreclosure filings in November. Illinois maintained its third place ranking, reporting 16,442 properties with foreclosure filings for the month. Michigan had the fourth highest total, documenting 15,988 properties with foreclosure filings. Arizona took over fifth place, reporting 14,349 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in November were Texas (12,098), Ohio (10,587), Georgia (9,664), Nevada (9,295) and New Jersey (9,227). Activity in the top five states accounted for 57 percent of all foreclosure filings in the nation for November.

 

No Cal counties post state’s highest foreclosure rates in November

With one in every 83 housing units receiving a foreclosure filing — five times the national average and 2.2 times the state average — Merced County posted the highest county foreclosure rate in the state for November. San Joaquin County had the second highest rate, with one in every 85 housing units receiving a foreclosure filing — 4.9 times the national average and 2.1 times the state average. Stanislaus County came in third highest, with one in every 87 housing units receiving a foreclosure filing — 4.8 times the national average and 2.1 times the state average.

 

So Cal counties led state in total foreclosure filings for November

Four Southern California counties led the state in foreclosure activity for November. Los Angeles County continued to lead all counties, totaling 15,294 properties with foreclosure filings for the month. Riverside County was second highest once again, documenting 7,470 properties with foreclosure filings. Reporting 6,545 properties with foreclosure filings for the month, San Bernardino County had the third highest total in the state, while San Diego County was fourth highest, reporting 5,205 properties with foreclosure filings for the month.

 

State the largest contributor to nation’s foreclosure total in November

California accounted for 24 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

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 by state, county and metropolitan statistical area. 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 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 received for a property during the month, 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

California

30,071

0

29,125

0

14,799

73,995

180

2.32

n/a

 

 

 

 

 

 

 

 

 

 

Merced

361

0

324

0

317

1,002

83

5.03

2.17

San Joaquin

1,019

0

1,016

0

636

2,671

85

4.92

2.12

Stanislaus

819

0

631

0

538

1,988

87

4.78

2.06

Riverside

2,909

0

2,881

0

1,680

7,470

101

4.13

1.78

San Bernardino

2,363

0

2,585

0

1,597

6,545

104

4.01

1.73

 

 

California Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

California

30,071

0

29,125

0

14,799

73,995

180

-13.38

22.32

 

 

 

 

 

 

 

 

 

 

Los Angeles

6,540

0

6,477

0

2,277

15,294

221

-20.26

35.98

Riverside

2,909

0

2,881

0

1,680

7,470

101

-22.41

9.32

San Bernardino

2,363

0

2,585

0

1,597

6,545

104

-13.70

3.92

San Diego

2,323

0

1,972

0

910

5,205

218

-28.92

8.60

Sacramento

1,822

0

1,629

0

1,110

4,561

120

-0.87

21.40

 

 

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