California Foreclosure Activity Continues Downward Trend in May

Total foreclosure filings statewide down 4 percent from April.

State’s foreclosure rate No. 2 in the nation.

 

California foreclosure activity fell for the second consecutive month in May, down to 92,249 properties with foreclosure filings, a 4 percent decline from the previous month, but still 23 percent ahead of May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report.  One in every 144 California housing units received a foreclosure filing in May, the second highest state foreclosure rate in the nation for the month.

 

“The lower activity level of the past two months comes on the heels of two months that saw significant gains in California’s foreclosure activity. Even so, the activity level remains elevated from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline for the month was in Notices of Default, which were down 18 percent. The state’s unemployment rate peaked at 11.2 percent in March before falling slightly in April. This is one of the most important factors to take into consideration when assessing the ebb and flow of foreclosure activity. More people with jobs usually translates into fewer mortgage defaults.”

 

With the exception of one month, the Golden State has led the nation in total foreclosure activity since September 2006. The state maintained its lead in May, far outdistancing second ranked Florida by a wide margin of nearly 34,000 properties. Nevada held on to its third place ranking, reporting 17,157 properties with foreclosure filings, slightly ahead of fourth place Arizona, where 16,865 properties with foreclosure filings were reported. The fifth highest level of foreclosure activity was tallied in Michigan, reporting 13,891 properties with foreclosure filings.

 

Completing the nation’s top 10 states for total foreclosure filings in May were Ohio, Illinois, Georgia, Texas and Virginia. Combined, the top 10 states accounted for 75 percent of all foreclosure activity in the nation for the month.

 

Four southern counties led state in foreclosure activity for May

Four Southern California counties were responsible for half of all foreclosure activity in the state during May. Los Angeles County continues to lead all counties, reporting 19,071 properties with foreclosure filings for the month. Second highest total was in Riverside County, where 10,784 properties with foreclosure filings were reported. San Bernardino County had the third highest total, reporting 8,429 properties with foreclosure filings, followed by San Diego County, where 7,655 properties with foreclosure filings were tallied. The only Northern California county in the state’s top five was Sacramento County, where 4,758 properties with foreclosure filings were reported for the month.

 

Highest foreclosure rates in May were mostly in the Northern counties

Two out of the top three county foreclosure rates in the state for May were found in Northern California. With one in every 63 housing units receiving a foreclosure filing during the month, Yuba County posted the highest county foreclosure rate in the state. San Joaquin County had the second highest rate, with one in every 68 housing units receiving a foreclosure filing. Third highest rate was found in Riverside County, where one in every 70 housing units received a foreclosure filing during the month.

 

State the largest contributor to nation’s foreclosure activity for May

Foreclosure activity in California alone represented 29 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 09

% Chg Apr 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

California

43,294

0

35,900

0

13,055

92,249

144

– 4.46

22.81

 

 

 

 

 

 

 

 

 

 

Alameda

1,440

0

1,156

0

422

3,018

187

-3.24

-19.41

Alpine

0

0

0

0

1

1

1,735

n/a

0.00

Amador

37

0

27

0

13

77

225

-21.43

120.00

Butte

192

0

122

0

22

336

282

23.08

82.61

Calaveras

139

0

87

0

35

261

104

85.11

171.88

Colusa

42

0

30

0

14

86

87

34.38

377.78

Contra Costa

1,660

0

1,245

0

473

3,378

116

0.66

17.70

Del Norte

11

0

7

0

0

18

610

-5.26

350.00

El Dorado

252

0

179

0

80

511

162

2.20

92.11

Fresno

1,125

0

965

0

394

2,484

122

-1.47

39.24

Glenn

28

0

28

0

11

67

160

34.00

8.06

Humboldt

47

0

26

0

14

87

677

-19.44

70.59

Imperial

220

0

182

0

55

457

117

-3.18

58.13

Inyo

0

0

7

0

1

8

1,133

-33.33

166.67

Kern

1,262

0

1,109

0

500

2,871

94

-16.52

26.87

Kings

127

0

99

0

35

261

160

8.30

74.00

Lake

104

0

109

0

97

310

113

-19.69

140.31

Lassen

13

0

20

0

4

37

346

54.17

48.00

Los Angeles

9,725

0

7,248

0

2,098

19,071

177

-7.26

34.69

Madera

240

0

233

0

109

582

84

-28.41

58.58

Marin

129

0

83

0

30

242

448

-4.35

81.95

Mariposa

1

0

0

0

0

1

9,797

-97.06

-92.86

Mendocino

63

0

28

0

11

102

381

-8.11

183.33

Merced

417

0

433

0

222

1,072

78

-16.25

6.67

Modoc

3

0

3

0

0

6

806

500.00

500.00

Mono

14

0

8

0

2

24

563

-52.00

9.09

Monterey

531

0

483

0

130

1,144

122

8.23

19.42

Napa

122

0

102

0

39

263

202

22.33

91.97

Nevada

61

0

45

0

23

129

386

-32.46

46.59

Orange

2,620

0

1,627

0

425

4,672

220

-20.44

0.75

Placer

541

0

342

0

147

1,030

141

14.32

53.96

Plumas

27

0

16

0

3

46

325

-25.81

91.67

Riverside

4,794

0

4,271

0

1,719

10,784

70

-1.34

16.98

Sacramento

2,261

0

1,692

0

805

4,758

115

-3.65

1.56

San Benito

127

0

71

0

25

223

80

32.74

-8.98

San Bernardino

3,521

0

3,612

0

1,296

8,429

81

-6.69

20.41

San Diego

3,493

0

3,150

0

1,012

7,655

148

8.05

20.13

San Francisco

216

0

153

0

46

415

862

-13.90

48.21

San Joaquin

1,346

0

1,421

0

553

3,320

68

23.65

10.93

San Luis Obispo

167

0

152

0

60

379

305

-25.10

102.67

San Mateo

371

0

276

0

83

730

365

-11.41

40.12

Santa Barbara

252

0

188

0

74

514

295

-12.44

15.25

Santa Clara

1,339

0

1,112

0

320

2,771

222

1.35

28.17

Santa Cruz

186

0

153

0

65

404

255

0.50

16.76

Shasta

182

0

160

0

74

416

184

12.13

170.13

Sierra

1

0

2

0

1

4

570

 n/a

33.33

Siskiyou

15

0

9

0

14

38

619

-17.39

80.95

Solano

599

0

676

0

205

1,480

101

-21.02

12.89

Sonoma

493

0

361

0

135

989

200

-5.54

71.11

Stanislaus

956

0

1,007

0

482

2,445

71

-4.64

23.61

Sutter

139

0

100

0

43

282

118

4.44

49.21

Tehama

51

0

32

0

34

117

225

62.50

98.31

Trinity

0

0

6

0

0

6

1,382

200.00

200.00

Tulare

482

0

381

0

143

1,006

135

-9.37

122.57

Tuolumne

40

0

26

0

19

85

357

-47.85

157.58

Ventura

762

0

573

0

170

1,505

181

-8.73

25.00

Yolo

184

0

148

0

64

396

181

-3.65

63.64

Yuba

124

0

119

0

203

446

63

17.68

117.56

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved