CALIFORNIA FORECLOSURE ACTIVITY DOWN 2 PERCENT IN OCTOBER

Activity Tripled From September 2006; Foreclosure Rate Ranked No. 2

 

IRVINE, Calif. – Nov. 26, 2007 – For the tenth consecutive month California led the nation with the highest foreclosure total, reporting 50,401 foreclosure filings in October. The state’s foreclosure activity declined 2 percent from September but was still 213 percent above the level reported for October 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 258 households was 2.2 times the national average and ranked second 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.

 

“Foreclosure activity in California backed further off its August peak but is still triple the activity level seen the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, with sales of both new and existing housing declining, and home prices expected to soften further in 2008, it will continue to be difficult for distressed homeowners to sell their way out of foreclosure. As a result we expect foreclosure activity to remain strong in the state for the foreseeable future.

 

Despite activity lowering for the second straight month, total foreclosure filings in the Golden State far outdistanced all other states by a large margin in October. Second place Florida reported about 20,000 fewer foreclosure filings than California for the month. Ohio came in third highest with 33,000 fewer foreclosure filings than California. Michigan reported nearly 37,000 fewer filings giving it the fourth highest total for the month. Texas completed the nation’s top five, with 38,000 fewer foreclosure filings than California. The remaining states in the nation’s top 10 for total foreclosure filings in October were Georgia, Illinois, Nevada, New York and Arizona.

 

Top four county totals for October reported in Southern California

Four Southern California counties topped the list for the highest foreclosure totals in the state for October, accounting for 48 percent of the state total. Leading the way by a large margin again was Los Angeles County, with 9,767 foreclosure filings for the month. Riverside County reported the second highest total, with 6,122 foreclosure filings. San Diego County came in third highest, with 4,285 foreclosure filings. San Bernardino County was not far behind, with 4,107 foreclosure filings. Sacramento County was the only Northern California county to crack the state’s top five, with 3,899 filings entering some stage of the foreclosure pipeline.

 

Three Northern California counties post top foreclosure rates in October

Three Northern California counties — Merced, San Joaquin and Stanislaus — posted the highest foreclosure rates in the state for October. With a rate of one foreclosure filing for every 82 households — 3.1 times the state average and 6.7 times the national average — Merced County led the state for the month. San Joaquin County posted the second highest rate, one foreclosure filing for every 105 households — 2.5 times the state average and 5.3 times the national average. Stanislaus County tallied the third highest rate, one foreclosure filing for every 109 households — 2.4 times the state average and 5.1 times the national average. Riverside County posted the state’s fourth highest rate, one foreclosure filing for every 114 households — 2.3 times the state average and 4.9 times the national average. Sacramento County rounded out the state’s top five with a foreclosure rate of one foreclosure filing for every 135 households — 1.9 times the state average and 4.1 times the national average.

 

State the largest major contributor to nation’s total in October

Total filings in California accounted for more than 22 percent of the 224,451 foreclosure filings reported nationwide in October. The national total represents a 2 percent increase from the previous month, and is 94 percent above the total reported for October 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 555 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 – October 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

41,404

58,597

22,485

48,356

53,609

224,451

555

n/a

n/a

California

28,755

10,475

0

0

11,171

50,401

258

2.15

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

1,264

324

0

0

478

2,066

269

2.06

0.96

Alpine

0

0

0

0

0

0

n/a

0.00

0.00

Amador

19

12

0

0

7

38

440

1.26

0.59

Butte

89

16

0

0

24

129

715

0.78

0.36

Calaveras

42

10

0

0

22

74

350

1.59

0.74

Colusa

6

1

0

0

6

13

558

0.99

0.46

Contra Costa

1,314

741

0

0

651

2,706

142

3.92

1.82

Del Norte

3

1

0

0

0

4

2,717

0.20

0.09

El Dorado

115

74

0

0

58

247

325

1.71

0.79

Fresno

821

258

0

0

244

1,323

221

2.51

1.16

Glenn

17

6

0

0

2

25

415

1.34

0.62

Humboldt

9

11

0

0

4

24

2,423

0.23

0.11

Imperial

65

24

0

0

16

105

471

1.18

0.55

Inyo

2

0

0

0

0

2

4,536

0.12

0.06

Kern

834

421

0

0

249

1,504

169

3.28

1.52

Kings

80

40

0

0

25

145

276

2.01

0.93

Lake

76

30

0

0

32

138

247

2.25

1.05

Lassen

4

3

0

0

1

8

1,572

0.35

0.16

Los Angeles

5,473

2,507

0

0

1,787

9,767

342

1.62

0.75

Madera

187

33

0

0

28

248

183

3.02

1.40

Marin

59

19

0

0

16

94

1,143

0.49

0.23

Mariposa

9

2

0

0

0

11

862

0.64

0.30

Mendocino

18

4

0

0

5

27

1,423

0.39

0.18

Merced

526

143

0

0

272

941

82

6.73

3.13

Modoc

2

0

0

0

0

2

2,405

0.23

0.11

Mono

1

1

0

0

0

2

6,430

0.09

0.04

Monterey

263

60

0

0

45

368

374

1.48

0.69

Napa

81

14

0

0

11

106

492

1.13

0.52

Nevada

26

14

0

0

28

68

713

0.78

0.36

Orange

1,608

607

0

0

228

2,443

416

1.33

0.62

Placer

324

113

0

0

136

573

239

2.32

1.08

Plumas

8

2

0

0

1

11

1,312

0.42

0.20

Riverside

2,929

1,227

0

0

1,966

6,122

114

4.86

2.26

Sacramento

2,199

596

0

0

1,104

3,899

135

4.10

1.90

San Benito

60

19

0

0

10

89

199

2.79

1.29

San Bernardino

2,406

740

0

0

961

4,107

159

3.49

1.62

San Diego

2,566

673

0

0

1,046

4,285

260

2.14

0.99

San Francisco

78

63

0

0

18

159

2,232

0.25

0.12

San Joaquin

1,210

323

0

0

540

2,073

105

5.28

2.45

San Luis obispo

89

25

0

0

11

125

897

0.62

0.29

San Mateo

240

114

0

0

27

381

699

0.79

0.37

Santa Barbara

163

56

0

0

34

253

593

0.94

0.43

Santa Clara

677

225

0

0

209

1,111

545

1.02

0.47

Santa Cruz

63

9

0

0

11

83

1,225

0.45

0.21

Shasta

77

27

0

0

11

115

645

0.86

0.40

Sierra

1

0

0

0

0

1

2,268

0.24

0.11

Siskiyou

7

3

0

0

0

10

2,298

0.24

0.11

Solano

556

221

0

0

252

1,029

143

3.89

1.81

Sonoma

276

59

0

0

47

382

506

1.10

0.51

Stanislaus

840

326

0

0

366

1,532

109

5.09

2.36

Sutter

75

13

0

0

12

100

317

1.75

0.81

Tehama

28

12

0

0

8

48

525

1.06

0.49

Trinity

0

0

0

0

0

0

 n/a

0.00

0.00

Tulare

201

74

0

0

35

310

417

1.33

0.62

Tuolumne

27

4

0

0

2

33

904

0.61

0.28

Ventura

453

125

0

0

70

648

411

1.35

0.63

Yolo

99

26

0

0

27

152

455

1.22

0.57

Yuba

90

24

0

0

28

142

179

3.10

1.44

 

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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