California Foreclosure Activity Decline Continues in February

Statewide filings decrease almost 5 percent from January; rate down to #4 nationally

 

Foreclosure activity in California declined for the second straight month in February to 68,562 properties with foreclosure filings, down 4 percent from the previous month and 15 percent below the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 195 California housing units received a foreclosure filing in February, taking the state’s foreclosure rate down one notch to rank fourth in the nation.

 

With these latest numbers, foreclosure activity in the Golden State is down 37 percent since reaching its peak in July 2009, when RealtyTrac reported 108,104 properties with foreclosure filings.

 

“There is no question that despite being the nation’s foreclosure leader for the past 38 months, activity is down substantially in California from its historic peak, and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The real question is whether the decline is sustainable over the long run, or is the state’s high unemployment and the expected resetting of adjustable rate mortgages this year going to cause another tidal wave of foreclosures to come ashore in the not so distant future.”

 

Florida maintained number two status nationally in February, reporting 54,032 properties with foreclosure filings for the month. Michigan took over third place, documenting 20,028 properties with foreclosure filings. Illinois remained fourth highest at 17,312 properties with foreclosure filings. Close behind at 16,718 properties with foreclosure filings, Arizona fell to fifth place for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in February were Texas (12,638), Georgia (12,177), Ohio (11,286), Nevada (11,035) and Maryland (5,732). In all, the top 10 accounted for 74 percent of all foreclosure filings in the nation for February.

 

Stanislaus County posts top foreclosure rate in the state for February

With one in every 100 housing units receiving a foreclosure filing — 4.2 times the national average  and twice the state average — Stanislaus County posted the state’s highest county foreclosure rate in February. Riverside County was second, with one in every 108 housing units receiving a foreclosure filing — 3.9 times the national average and 1.8 times the state average. Madera County came in third highest, with one in every 111 housing units receiving a foreclosure filing — 3.8 times the national average and 1.8 times the state average.

 

Four So Cal counties top state in total foreclosures in February

Four Southern California counties reported the highest foreclosure activity in the state for February. Los Angeles County continues to lead the way, totaling 14,680 properties with foreclosure filings for the month. Riverside County was second once again, documenting 7,140 properties with foreclosure filings. Reporting 5,700 properties with foreclosure filings for the month, San Bernardino County ranked third highest. San Diego County remained in fourth place, reporting 5,399 properties with foreclosure filings, while the fifth highest total was in Sacramento County, where 3,808 properties with foreclosure filings were reported for the month.

 

State still the largest single contributor to nation’s month foreclosure total

California continued to represent the largest portion of the nation’s foreclosure activity, accounting for 22 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

California

30,128

0

25,888

0

12,546

68,562

195

2.14

n/a

 

 

 

 

 

 

 

 

 

 

Stanislaus

765

0

611

0

376

1,752

100

4.19

1.95

Riverside

3,136

0

2,746

0

1,258

7,140

108

3.88

1.81

Madera

152

0

178

0

113

443

111

3.76

1.75

San Joaquin

818

0

695

0

434

1,947

117

3.56

1.66

San Bernardino

2,320

0

2,255

0

1,125

5,700

121

3.47

1.62

 

 

California Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

California

30,128

0

25,888

0

12,546

68,562

195

-4.53

-15.12

 

 

 

 

 

 

 

 

 

 

Los Angeles

6,567

0

5,979

0

2,134

14,680

231

-9.24

-8.96

Riverside

3,136

0

2,746

0

1,258

7,140

108

2.13

-27.02

San Bernardino

2,320

0

2,255

0

1,125

5,700

121

-10.71

-30.97

San Diego

2,367

0

2,154

0

878

5,399

211

1.89

-11.33

Sacramento

1,609

0

1,310

0

889

3,808

145

0.50

-19.44

 

 

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