California Foreclosure Activity Declines in January

Statewide filings down 11 percent from December; rate ranks #3 nationally

 

Foreclosure activity in California decreased in January to 71,817 properties with foreclosure filings, an 11 percent decline from December 2009 and down 6 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 187 California housing units receiving a foreclosure filing in January, the state’s foreclosure rate ranked number three in the nation for the month.

 

“With the exception of one month, California has led the nation in foreclosure activity since September 2006, and is starting off 2010 the same way although the yearly decline in activity is encouraging,” said James J. Saccacio, chief executive officer of RealtyTrac. “Default notices posted the largest yearly decline, down 36 percent from January 2009, while the biggest monthly decline was seen in bank-owned properties, down 17 percent from December.

 

“Still, statewide unemployment continues to linger well above the national average. So even though home sales activity has picked up thanks to the government tax credit program, until people feel secure about having a steady income, foreclosures will continue to be a major problem around the state.”

 

As it has for many months, Florida continued as the state with the second highest activity level in the country well behind the Golden State, documenting 47,069 properties with foreclosure filings in January. Arizona came in third highest, reporting 21,048 properties with foreclosure filings for the month. Illinois ranked fourth highest at 18,120 properties with foreclosure filings. Reporting 17,574 properties with foreclosure filings, Michigan had the fifth highest level of foreclosure activity during the month.

 

The rest of the nation’s top 10 states for total foreclosure activity in January were Texas (12,225), Nevada (11,854), Georgia (11,274), Ohio (11,105) and New Jersey (6,146). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for January.

 

Stanislaus, San Joaquin counties posts top foreclosure rate in the state for January

With one in every 107 housing units receiving a foreclosure filing — 3.8 times the national average — both Stanislaus and San Joaquin counties posted the state’s highest county foreclosure rate in January. San Bernardino was a close third, with one in every 108 housing units receiving a foreclosure filing — also 3.8 times the national average. Merced County came in fourth highest, with one in every 109 housing units receiving a foreclosure filing — 3.7 times the national average. Fifth highest rate was in Riverside County, where one in every 110 housing units — also 3.7 times the national average — received a foreclosure filing during the month.

 

So Cal counties continue to dominate state in total foreclosure filings for January

Five Southern California counties led the state in foreclosure activity for January. Los Angeles County led all counties once again, totaling 16,175 properties with foreclosure filings for the month. Riverside County was second highest, documenting 6,991 properties with foreclosure filings. Reporting 6,384 properties with foreclosure filings for the month, San Bernardino County had the third highest total. San Diego County came in fourth highest, reporting 5,299 properties with foreclosure filings, followed by Orange County where 4,668 properties with foreclosure filings were reported.

 

State responsible for nearly a quarter of nation’s foreclosure total in January

California accounted for 23 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

California

24,234

0

30,582

0

17,001

71,817

187

2.19

n/a

 

 

 

 

 

 

 

 

 

 

Stanislaus

454

0

648

0

542

1,644

107

0.02

3.80

San Joaquin

631

0

866

0

639

2,136

107

0.03

3.79

San Bernardino

2,318

0

2,492

0

1,574

6,384

108

0.09

3.76

Merced

278

0

236

0

251

765

109

0.01

3.70

Riverside

2,185

0

2,952

0

1,854

6,991

110

0.10

3.68

 

 

California Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

California

24,234

0

30,582

0

17,001

71,817

187

-10.77

-6.44

 

 

 

 

 

 

 

 

 

 

Los Angeles

5,422

0

7,732

0

3,021

16,175

209

-0.69

19.66

Riverside

2,185

0

2,952

0

1,854

6,991

110

-14.45

-28.86

San Bernardino

2,318

0

2,492

0

1,574

6,384

108

-10.39

-18.17

San Diego

1,849

0

2,394

0

1,056

5,299

215

-13.65

-13.67

Orange

1,726

0

2,282

0

660

4,668

222

-4.29

15.26

 

 

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