CALIFORNIA FORECLOSURE ACTIVITY DOWN 18 PERCENT IN OCTOBER

Filings Statewide Increase 13 Percent From October 2007; Rate Ranks No. 4

 

IRVINE, Calif. – Nov. 26, 2008 – Despite a second consecutive monthly drop in foreclosure activity, California continued to lead the nation in total properties with foreclosure filings in October, with 56,954 — an 18 percent decline from the previous month but still 13 percent ahead of the level reported in October 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 231 California housing units received a foreclosure filing during the month, the fourth 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 filings continued to lag for the second consecutive month in California thanks to recently enacted legislation that is delaying initiation of the foreclosure process for 30 days, thereby causing a 44 percent decline in default filings from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Delaying the process to allow distressed homeowners more time to try and work out their financial situation with their lenders is a good thing. Even so, the state’s unemployment rate has risen steadily this year to far above the national average. Plus, home prices are down by double-digits statewide on a yearly basis. Until the state’s economy rebounds, this legislation may do nothing more than delay the inevitable, resulting in an onslaught of foreclosures in the near future.

 

The drop in foreclosure activity around the Golden State did nothing more than bring its level much closer to second place Florida, which reported 54,324 properties with foreclosure filings for the month. Arizona took over third place once again, reporting 17,507 properties with foreclosure filings. Nevada dropped down to fourth highest, documenting 14,483 properties with foreclosure filings. Illinois moved up from seventh to fifth highest, reporting 12,681 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in October were Ohio, Michigan, Georgia, Texas and New Jersey.

 

Largest share of state’s foreclosure activity for October reported in the south

Counties in Southern California accounted for a large share of the state’s foreclosure activity during October. Topping the list once again was Los Angeles County, reporting 11,014 properties with foreclosure filings for the month. Riverside County stayed in second place, reporting 6,897 properties with foreclosure filings. San Bernardino County was firmly in third place, reporting 5,685 properties with foreclosure filings. San Diego County remained in fourth place, documenting 4,374 properties with foreclosure filings. Sacramento County was the only Northern California county to break into the top five for the month, reporting 3,640 properties with foreclosure filings.

 

In all, the top four counties, plus Orange, Ventura and Santa Barbara counties that make up the 7-county Southern California region, were responsible for 56 percent of the state total for the month.

 

San Joaquin, Yuba and Merced counties post state’s top rates for October

Three northern California counties posted the top foreclosure rates in the state for October. With one in every 100 housing units receiving a foreclosure filing during the month — 2.3 times the state average and 4.5 times the national average — San Joaquin County led the state once again. Second highest rate was reported in Yuba County, where one in every 102 housing units received a foreclosure filing — 2.3 times the state average and 4.4 times the national average. Third highest rate was documented in Merced County, where one in every 103 housing units received a foreclosure filing during the month — also 2.3 times the state average and 4.4 times the national average.

 

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

California accounted for 20 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented an increase of more than 5 percent from the previous month and was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452 U.S. housing units receiving 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

California

16,245

0

20,078

0

20,631

56,954

231

1.95

n/a

 

 

 

 

 

 

 

 

 

Alameda

476

0

710

0

598

1,784

314

1.44

0.74

Alpine

0

0

0

0

0

0

n/a 

0.00

0.00

Amador

12

0

1

0

15

28

611

0.74

0.38

Butte

27

0

17

0

46

90

1,042

0.43

0.22

Calaveras

10

0

9

0

27

46

580

0.78

0.40

Colusa

4

0

9

0

23

36

205

2.21

1.13

Contra Costa

663

0

667

0

956

2,286

170

2.65

1.36

Del Norte

4

0

1

0

4

9

1,218

0.37

0.19

El Dorado

87

0

75

0

76

238

344

1.32

0.67

Fresno

433

0

496

0

449

1,378

217

2.08

1.06

Glenn

11

0

3

0

15

29

364

1.24

0.63

Humboldt

7

0

9

0

10

26

2,252

0.20

0.10

Imperial

52

0

30

0

103

185

279

1.62

0.83

Inyo

4

0

0

0

0

4

2,269

0.20

0.10

Kern

536

0

754

0

551

1,841

143

3.17

1.62

Kings

66

0

42

0

39

147

279

1.62

0.83

Lake

17

0

10

0

48

75

460

0.98

0.50

Lassen

3

0

1

0

5

9

1,413

0.32

0.16

Los Angeles

3,313

0

4,065

0

3,636

11,014

305

1.48

0.76

Madera

63

0

141

0

74

278

171

2.63

1.35

Marin

48

0

50

0

46

144

750

0.60

0.31

Mariposa

3

0

2

0

6

11

880

0.51

0.26

Mendocino

19

0

7

0

16

42

921

0.49

0.25

Merced

183

0

288

0

319

790

103

4.40

2.25

Modoc

0

0

0

0

1

1

4,828

0.09

0.05

Mono

4

0

4

0

0

8

1,672

0.27

0.14

Monterey

169

0

338

0

262

769

180

2.50

1.28

Napa

41

0

85

0

75

201

262

1.72

0.88

Nevada

24

0

27

0

35

86

573

0.79

0.40

Orange

895

0

1,029

0

1,015

2,939

348

1.30

0.66

Placer

196

0

200

0

177

573

248

1.82

0.93

Plumas

5

0

1

0

9

15

983

0.46

0.24

Riverside

1,879

0

2,296

0

2,722

6,897

106

4.25

2.18

Sacramento

921

0

1,237

0

1,482

3,640

149

3.03

1.55

San Benito

31

0

25

0

49

105

170

2.66

1.36

San Bernardino

1,832

0

1,930

0

1,923

5,685

118

3.84

1.97

San Diego

1,260

0

1,550

0

1,564

4,374

257

1.76

0.90

San Francisco

59

0

64

0

53

176

2,025

0.22

0.11

San Joaquin

512

0

793

0

924

2,229

100

4.51

2.31

San Luis Obispo

69

0

75

0

94

238

480

0.94

0.48

San Mateo

162

0

139

0

110

411

648

0.70

0.36

Santa Barbara

98

0

141

0

146

385

392

1.15

0.59

Santa Clara

417

0

655

0

658

1,730

352

1.28

0.66

Santa Cruz

65

0

56

0

68

189

542

0.83

0.43

Shasta

75

0

40

0

62

177

428

1.06

0.54

Sierra

1

0

1

0

3

5

454

1.00

0.51

Siskiyou

1

0

2

0

12

15

1,560

0.29

0.15

Solano

336

0

479

0

351

1,166

128

3.54

1.81

Sonoma

188

0

274

0

254

716

274

1.65

0.85

Stanislaus

346

0

544

0

566

1,456

118

3.84

1.97

Sutter

27

0

34

0

59

120

275

1.65

0.84

Tehama

35

0

16

0

32

83

312

1.45

0.74

Trinity

0

0

0

0

1

1

8,251

0.05

0.03

Tulare

182

0

223

0

240

645

205

2.20

1.13

Tuolumne

26

0

15

0

18

59

512

0.88

0.45

Ventura

214

0

276

0

335

825

328

1.38

0.71

Yolo

84

0

98

0

97

279

253

1.78

0.91

Yuba

50

0

44

0

172

266

102

4.44

2.27

 

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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