CALIFORNIA FORECLOSURE ACTIVITY DOWN 11 PERCENT IN SEPTEMBER

Activity Up 246 Percent From September 2006; Foreclosure Rate Ranked No. 3

 

IRVINE, Calif. – Oct. 26, 2007 – California reported 51,259 foreclosure filings in September, the ninth straight month the state has led the nation in total foreclosure filings. Although foreclosure activity declined 11 percent from the previous month, the latest state total is almost 3.5 times the number reported in September 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 253 households — 2.2 times the national average — ranked third highest among the 50 states.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 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.

 

“After a significant increase the previous month, foreclosure activity in California scaled back slightly in September due mainly to a lower number of default notices and bank repossessions (REOs) during the month,” said James J. Saccacio, chief executive officer of RealtyTrac. “Whether this is a momentary easing or the beginning of a slowing trend, it is too early to tell. Activity is still demonstrably ahead of this time last year as home sales continue their lackluster performance and inventories of unsold housing continue to grow.

 

Even with slower activity for the month, the Golden State still led the nation by a significant margin, outdistancing second place Florida by almost 18,000 foreclosure filings, and third place Ohio by more than 35,500 foreclosure filings. Texas and Michigan reported the fourth and fifth highest totals in the nation respectively, each reporting more than 14,000 foreclosure filings for the month. The remaining states in the nation’s top 10 for total foreclosure filings in September were Georgia, Illinois, Arizona, Colorado and Nevada.

 

Southern California counties dominate in foreclosure total for September

Four out of five counties with the highest total foreclosure filings for September were in Southern California. Los Angeles County led the way, reporting 8,218 foreclosure filings. Riverside County came in second, reporting 6,766 foreclosure filings. Neighboring San Bernardino County had the third highest total: 5,253 foreclosure filings. California’s fourth highest total was reported in San Diego County, with 4,730 foreclosure filings, followed by fifth place Sacramento County, with 3,990 filings entering some stage of the foreclosure pipeline. In all, the top five counties accounted for 56 percent of all filings in the state for the month.

 

Four of five top foreclosure rates for the month posted in Northern California

Four Northern California counties registered foreclosure rates among the top five in the state for September. The state’s highest foreclosure rate was posted in Merced County, one foreclosure filing for every 68 households — 8.2 times the national average. Second highest rate was tallied in Stanislaus County, one foreclosure filing for every 88 households — 6.3 times the national average. San Joaquin County posted the third highest rate, one foreclosure filing for every 90 households — 6.2 times the national average. The state’s fourth highest county rate was posted in Riverside County, one foreclosure filing for every 103 households — 5.4 times the national average. Contra Costa County came in with the state’s fifth highest rate, one foreclosure filing for every 116 households — 4.8 times the national average.

 

State the largest single contributor to nation’s monthly total

Total filings in California accounted for 23 percent of the 223,538 foreclosure filings reported nationwide in September. The national total represents an 8 percent decrease from the previous month, but is still 99 percent above the total reported for September 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 557 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                    California Foreclosure Market by County – September 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,234

63,405

21,925

51,172

39,802

223,538

557

n/a

n/a

California

34,198

9,208

0

0

7,853

51,259

253

2.20

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

959

191

0

0

157

1,307

426

1.31

0.60

Alpine

0

0

0

0

0

0

n/a 

0.00

0.00

Amador

15

2

0

0

2

19

881

0.63

0.29

Butte

72

14

0

0

4

90

1,024

0.54

0.25

Calaveras

27

1

0

0

16

44

588

0.95

0.43

Colusa

12

0

0

0

1

13

558

1.00

0.45

Contra Costa

1,839

935

0

0

524

3,298

116

4.79

2.18

Del Norte

5

0

0

0

0

5

2,174

0.26

0.12

El Dorado

167

80

0

0

42

289

278

2.01

0.91

Fresno

1,047

292

0

0

212

1,551

189

2.95

1.34

Glenn

0

1

0

0

0

1

10,372

0.05

0.02

Humboldt

27

4

0

0

2

33

1,762

0.32

0.14

Imperial

54

12

0

0

8

74

669

0.83

0.38

Inyo

0

0

0

0

1

1

9,071

0.06

0.03

Kern

942

354

0

0

204

1,500

169

3.29

1.50

Kings

68

29

0

0

11

108

371

1.50

0.68

Lake

1

3

0

0

3

7

4,862

0.11

0.05

Lassen

5

3

0

0

0

8

1,572

0.35

0.16

Los Angeles

4,791

1,951

0

0

1,476

8,218

406

1.37

0.62

Madera

100

28

0

0

13

141

323

1.73

0.79

Marin

70

10

0

0

5

85

1,264

0.44

0.20

Mariposa

3

3

0

0

0

6

1,580

0.35

0.16

Mendocino

20

3

0

0

4

27

1,423

0.39

0.18

Merced

804

167

0

0

166

1,137

68

8.16

3.71

Modoc

1

0

0

0

0

1

4,809

0.12

0.05

Mono

2

0

0

0

0

2

6,430

0.09

0.04

Monterey

239

56

0

0

23

318

432

1.29

0.59

Napa

47

8

0

0

4

59

884

0.63

0.29

Nevada

37

13

0

0

3

53

915

0.61

0.28

Orange

1,992

382

0

0

131

2,505

406

1.37

0.62

Placer

421

103

0

0

123

647

212

2.63

1.20

Plumas

2

2

0

0

1

5

2,886

0.19

0.09

Riverside

4,470

1,226

0

0

1,070

6,766

103

5.39

2.45

Sacramento

2,640

629

0

0

721

3,990

132

4.21

1.91

San Benito

54

8

0

0

4

66

269

2.07

0.94

San Bernardino

3,788

605

0

0

860

5,253

124

4.48

2.04

San Diego

3,170

694

0

0

866

4,730

235

2.37

1.08

San Francisco

81

19

0

0

5

105

3,381

0.16

0.07

San Joaquin

1,760

231

0

0

431

2,422

90

6.19

2.82

San Luis Obispo

69

20

0

0

8

97

1,156

0.48

0.22

San Mateo

145

31

0

0

15

191

1,393

0.40

0.18

Santa Barbara

177

49

0

0

17

243

618

0.90

0.41

Santa Clara

903

259

0

0

98

1,260

480

1.16

0.53

Santa Cruz

93

17

0

0

6

116

877

0.64

0.29

Shasta

80

17

0

0

13

110

675

0.83

0.38

Sierra

1

0

0

0

0

1

2,268

0.25

0.11

Siskiyou

6

1

0

0

1

8

2,872

0.19

0.09

Solano

729

138

0

0

182

1,049

140

3.98

1.81

Sonoma

201

44

0

0

27

272

711

0.78

0.36

Stanislaus

1,230

338

0

0

324

1,892

88

6.31

2.87

Sutter

58

10

0

0

7

75

423

1.32

0.60

Tehama

21

9

0

0

1

31

813

0.68

0.31

Trinity

1

0

0

0

0

1

8,192

0.07

0.03

Tulare

238

65

0

0

16

319

405

1.38

0.63

Tuolumne

12

6

0

0

1

19

1,571

0.35

0.16

Ventura

358

106

0

0

25

489

545

1.02

0.46

Yolo

86

16

0

0

9

111

623

0.89

0.41

Yuba

58

23

0

0

10

91

280

1.99

0.91

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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