CALIFORNIA FORECLOSURE ACTIVITY DOWN 14 PERCENT IN JANUARY

Filings Statewide Increase 34 Percent From January 2008; Rate Ranks No. 2

 

IRVINE, Calif. – Feb. 27, 2009 – Foreclosure filings were reported on 76,761 California properties in January, down 14 percent from the previous month but still 34 percent above the level reported for January 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 173 California housing units received a foreclosure filing during the month, the second 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.

 

“After a spike in December caused by a pent-up supply of foreclosure filings that were held up by California’s change in the foreclosure law back in September extending the front end of the foreclosure process, foreclosure activity in California dipped in January but remained at a high level,” said James J. Saccacio, chief executive officer of RealtyTrac. “Overall, efforts to calm the foreclosure storm have been unsuccessful in the state so far, thanks in large part to continued rising unemployment — which is well above the national average — along with a median home price that continued its monthly freefall despite increasing home sales activity of mostly distressed properties.”

 

The Golden State started off the new year as it closed out 2008, leading the nation once again in total foreclosure activity for the month. As it did all of last year, Florida trailed California, ranking second highest in total foreclosure activity, reporting 40,770 properties with foreclosure filings. Arizona took third position for the second straight month, reporting 14,674 properties with foreclosure filings. Illinois came in a close fourth, documenting 14,447 properties with foreclosure filings, followed by Nevada which took fifth place by a narrow margin, reporting 14,444 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in January were Michigan, Ohio, Georgia, Texas and Virginia.

 

Five counties account for bulk of state activity in January

Five California counties accounted for 55 percent of all foreclosure activity in the state during January. Los Angeles County continued to lead the pack, reporting 13,518 properties with foreclosure filings for the month. Riverside County was second highest once again, reporting 9,827 properties with foreclosure filings. San Bernardino County continued in third place, reporting 7,802 properties with foreclosure filings. San Diego County came in fourth once again, documenting 6,138 properties with foreclosure filings. Fifth highest total activity was in Sacramento County, where 4,874 properties with foreclosure filings were reported.

 

The seven-county southern California region accounted for 56 percent of the state’s total foreclosure activity in January.

 

Merced County posts state’s highest foreclosure rate for January

With one in every 59 housing units receiving a foreclosure filing — three times the state average and 7.9 times the national average — Merced County reported the highest rate in the state for January. Riverside County posted the state’s second highest rate, with one in every 77 housing units received a foreclosure filing — 2.3 times the state average and 6.1 times the national average. Third highest rate was documented in Stanislaus County, where one in every 84 housing units received a foreclosure filing during the month — 2.1 times the state average and 5.6 times the national average.

 

State the largest contributor to nation’s foreclosure total in January

California accounted for 28 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 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 – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

California

37,693

0

22,731

0

16,337

76,761

173

2.69

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

1,307

0

665

0

544

2,516

224

2.08

0.77

Alpine

1

0

0

0

0

1

1,735

0.27

0.10

Amador

36

0

15

0

18

69

251

1.86

0.69

Butte

153

0

72

0

108

333

285

1.64

0.61

Calaveras

75

0

60

0

46

181

150

3.11

1.16

Colusa

26

0

12

0

20

58

128

3.63

1.35

Contra Costa

1,298

0

849

0

606

2,753

143

3.27

1.22

Del Norte

6

0

7

0

4

17

646

0.72

0.27

El Dorado

191

0

100

0

67

358

231

2.02

0.75

Fresno

1,020

0

517

0

347

1,884

162

2.89

1.07

Glenn

30

0

11

0

3

44

243

1.92

0.71

Humboldt

35

0

13

0

9

57

1,033

0.45

0.17

Imperial

175

0

140

0

36

351

153

3.05

1.13

Inyo

3

0

6

0

2

11

824

0.57

0.21

Kern

1,164

0

691

0

382

2,237

120

3.88

1.44

Kings

72

0

44

0

111

227

184

2.53

0.94

Lake

69

0

27

0

39

135

259

1.80

0.67

Lassen

13

0

12

0

8

33

388

1.20

0.45

Los Angeles

7,046

0

3,826

0

2,646

13,518

250

1.87

0.69

Madera

273

0

85

0

109

467

105

4.45

1.65

Marin

100

0

54

0

35

189

573

0.81

0.30

Mariposa

13

0

5

0

4

22

445

1.05

0.39

Mendocino

33

0

21

0

7

61

637

0.73

0.27

Merced

432

0

483

0

486

1,401

59

7.86

2.92

Modoc

1

0

0

0

0

1

4,836

0.10

0.04

Mono

10

0

6

0

5

21

643

0.72

0.27

Monterey

451

0

298

0

253

1,002

139

3.35

1.25

Napa

93

0

56

0

56

205

259

1.80

0.67

Nevada

83

0

35

0

32

150

332

1.40

0.52

Orange

2,190

0

1,263

0

597

4,050

254

1.83

0.68

Placer

373

0

271

0

129

773

188

2.48

0.92

Plumas

30

0

10

0

13

53

282

1.65

0.62

Riverside

4,399

0

3,179

0

2,249

9,827

77

6.06

2.26

Sacramento

2,301

0

1,263

0

1,310

4,874

112

4.15

1.54

San Benito

47

0

48

0

47

142

126

3.71

1.38

San Bernardino

3,963

0

2,173

0

1,666

7,802

87

5.34

1.99

San Diego

2,959

0

1,919

0

1,260

6,138

185

2.53

0.94

San Francisco

147

0

76

0

35

258

1,387

0.34

0.13

San Joaquin

1,151

0

869

0

629

2,649

86

5.45

2.03

San Luis Obispo

142

0

76

0

44

262

442

1.05

0.39

San Mateo

343

0

155

0

113

611

437

1.07

0.40

Santa Barbara

248

0

159

0

101

508

298

1.56

0.58

Santa Clara

1,191

0

581

0

521

2,293

268

1.74

0.65

Santa Cruz

138

0

95

0

67

300

343

1.36

0.51

Shasta

138

0

97

0

84

319

240

1.94

0.72

Sierra

4

0

2

0

1

7

326

1.43

0.53

Siskiyou

18

0

9

0

9

36

654

0.71

0.27

Solano

703

0

457

0

342

1,502

100

4.67

1.74

Sonoma

362

0

230

0

157

749

264

1.77

0.66

Stanislaus

988

0

690

0

396

2,074

84

5.57

2.07

Sutter

99

0

61

0

41

201

165

2.82

1.05

Tehama

16

0

42

0

3

61

431

1.08

0.40

Trinity

2

0

1

0

1

4

2,074

0.22

0.08

Tulare

437

0

219

0

156

812

167

2.79

1.04

Tuolumne

55

0

25

0

7

87

349

1.34

0.50

Ventura

749

0

396

0

247

1,392

196

2.38

0.89

Yolo

190

0

153

0

60

403

178

2.62

0.97

Yuba

101

0

102

0

69

272

103

4.53

1.69

 

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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