CALIFORNIA FORECLOSURE ACTIVITY DOWN 10 PERCENT IN APRIL

Activity Level Up 42 Percent From April 2008; Third Highest Rate in Nation

 

IRVINE, Calif. – May 29, 2009 – Foreclosure filings were reported on 96,560 California properties in April, a 10 percent decline from the previous month but still 42 percent above the level reported for April 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 138 California housing units received a foreclosure filing during the month, the third highest state foreclosure rate in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity in California slowed down in April after a huge gain in March, but was still significantly up from a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Accounting for the decline was auction notices, which were down 12 percent for the month, followed by Notices of Default, which were down 11 percent. REO activity was down 8 percent for the month. Still, this is most likely only a momentary respite seeing as the state’s unemployment rate jumped more than half a percent in March, to almost double the rate from a year earlier. Unlike when the economic decline started back in 2007, this time around foreclosure activity is more closely tied today to unemployment than any other economic factor.”

 

The Golden State continues to lead the nation by a substantial margin, reporting almost 32,000 more properties with foreclosure filings than second ranked Florida. Nevada narrowly beat out Arizona for third highest total for the month, reporting 16,266 properties with foreclosure filings compared to Arizona’s 16,245 properties with foreclosure filings, the nation’s fourth highest total. Illinois came in fifth highest, tallying 13,647 properties with foreclosure filings. Ohio, Georgia, Texas, Michigan and Virginia completed the nation’s top 10 for total properties with foreclosure filings in April.

 

Southern California dominates state foreclosure activity in April

The five top county foreclosure totals for April were all reported in Southern California. Once again Los Angeles County led the way, reporting 20,564 properties with foreclosure filings for the month. Riverside County reported 10,931 properties with foreclosure filings, the state’s second highest county total. San Bernardino County came in third highest again, reporting 9,033 properties with foreclosure filings. San Diego County remained in fourth, documenting 7,085 properties with foreclosure filings, while the fifth highest total was in Orange County, where 5,872 properties with foreclosure filings were reported for the month.

 

Top three foreclosure rates posted in Northern California during April

Northern California counties posted the top three county foreclosures rates during April. Madera County topped the list, with one in every 60 housing units receiving a foreclosure filing — 2.3 times the state average and 6.2 times the national average. Merced County had the second highest rate, with one in every 65 housing units receiving a foreclosure filing — 2.1 times the state average and 5.8 times the national average. Third highest rate was documented in Stanislaus County, where one in every 68 housing units received a foreclosure filing during the month — twice the state average and 5.5 times the national average.

 

State the single largest contributor to nation’s foreclosure total in April

California accounted for 28 percent of the 342,038 properties with foreclosure filings reported nationwide in April. The national total represented a negligible increase in activity from the previous month but was still 32 percent ahead of the total reported for April 2008. One in every 374 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 – April 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 09

% Chg Apr 08

 

 

 

 

 

 

 

 

 

 

United States

65,456

76,608

100,559

35,512

63,903

342,038

374

0.25

32.25

California

52,909

0

30,441

0

13,210

96,560

138

-10.41

42.13

 

 

 

 

 

 

 

 

 

 

Alameda

1,779

0

963

0

377

3,119

181

1.40

71.94

Alpine

0

0

0

0

0

0

n/a 

-100.00

n/a

Amador

38

0

46

0

14

98

177

-2.00

164.86

Butte

153

0

55

0

65

273

347

2.63

135.34

Calaveras

71

0

32

0

38

141

192

62.07

110.45

Colusa

30

0

22

0

12

64

116

0.00

611.11

Contra Costa

1,751

0

1,016

0

589

3,356

117

-12.33

30.38

Del Norte

12

0

4

0

3

19

578

26.67

58.33

El Dorado

271

0

169

0

60

500

165

5.49

94.55

Fresno

1,302

0

826

0

393

2,521

121

-0.63

45.64

Glenn

38

0

7

0

5

50

214

-21.88

56.25

Humboldt

53

0

40

0

15

108

545

24.14

116.00

Imperial

251

0

179

0

42

472

114

-3.87

196.86

Inyo

9

0

1

0

2

12

756

71.43

200.00

Kern

1,733

0

1,125

0

581

3,439

78

12.28

49.85

Kings

115

0

87

0

39

241

174

-9.74

111.40

Lake

163

0

70

0

153

386

91

6.34

56.91

Lassen

16

0

6

0

2

24

534

-50.00

60.00

Los Angeles

12,221

0

6,277

0

2,066

20,564

164

-18.22

51.65

Madera

407

0

289

0

117

813

60

62.28

183.28

Marin

140

0

69

0

44

253

428

-11.85

41.34

Mariposa

14

0

11

0

9

34

288

41.67

78.95

Mendocino

68

0

32

0

11

111

350

8.82

296.43

Merced

593

0

470

0

217

1,280

65

-14.84

1.83

Modoc

1

0

0

0

0

1

4836

-80.00

-50.00

Mono

30

0

15

0

5

50

270

1566.67

284.62

Monterey

519

0

315

0

223

1,057

132

-7.12

-3.12

Napa

128

0

63

0

24

215

247

-42.20

86.96

Nevada

105

0

56

0

30

191

261

-18.72

185.07

Orange

3,602

0

1,842

0

428

5,872

175

-3.96

44.63

Placer

485

0

293

0

123

901

161

-33.90

35.69

Plumas

25

0

20

0

17

62

241

-19.48

520.00

Riverside

6,019

0

3,393

0

1,519

10,931

69

-13.78

34.83

Sacramento

2,488

0

1,673

0

777

4,938

111

-14.76

21.84

San Benito

85

0

40

0

43

168

106

-11.58

-1.75

San Bernardino

4,661

0

2,792

0

1,580

9,033

75

-13.82

43.27

San Diego

3,864

0

2,339

0

882

7,085

160

-9.84

30.70

San Francisco

324

0

123

0

35

482

742

22.96

67.36

San Joaquin

1,206

0

948

0

531

2,685

84

-29.45

-14.79

San Luis Obispo

300

0

144

0

62

506

229

8.82

208.54

San Mateo

503

0

244

0

77

824

324

11.50

41.82

Santa Barbara

342

0

182

0

63

587

258

-16.02

71.14

Santa Clara

1,558

0

886

0

290

2,734

225

-10.80

39.63

Santa Cruz

235

0

105

0

62

402

256

-5.19

20.36

Shasta

185

0

134

0

52

371

206

-2.11

142.48

Sierra

0

0

0

0

0

0

n/a 

-100.00

-100.00

Siskiyou

21

0

19

0

6

46

512

-31.34

58.62

Solano

907

0

549

0

418

1,874

80

1.63

32.91

Sonoma

576

0

346

0

125

1,047

189

0.67

78.36

Stanislaus

1,276

0

900

0

388

2,564

68

10.90

27.82

Sutter

142

0

93

0

35

270

123

1.89

31.07

Tehama

56

0

15

0

1

72

365

-18.18

2.86

Trinity

1

0

1

0

0

2

4147

-33.33

 n/a

Tulare

598

0

329

0

183

1,110

122

16.60

137.69

Tuolumne

105

0

45

0

13

163

186

114.47

503.70

Ventura

944

0

544

0

161

1,649

165

-2.14

102.83

Yolo

222

0

109

0

80

411

175

4.31

73.42

Yuba

168

0

88

0

123

379

74

1.07

124.26

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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