CALIFORNIA FORECLOSURE ACTIVITY DOWN 32 PERCENT IN SEPTEMBER

Filings Statewide Increase 36 Percent From September 2007; Rate Ranks No. 3

 

IRVINE, Calif. – Oct. 27, 2008 – California led the nation once again despite reporting a 32 percent drop from the previous month to 69,548 properties with foreclosure filings in September. On an annual basis the state total was still 36 percent ahead of the level reported in September 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 189 California households 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.

 

“Due to the passage of Senate Bill 1137 which took effect in early September, lenders in California now have to contact borrowers 30 days prior to filing a Notice of Default,” said James J. Saccacio, chief executive officer of RealtyTrac. “As a result, the number of Notices of Default reported dropped 51 percent from the previous month, greatly affecting both the state and national numbers since California normally accounts for roughly one-third of all foreclosure filings in the country. Only time will tell if this becomes a permanent trend or is just a temporary lull in activity.

 

Despite the precipitous drop due to the new notice law, the number of foreclosure filings in the Golden State still far exceeded the second highest total in Florida, which reported 47,956 properties with foreclosure filings for the month. Nevada moved up to third highest total, reporting 13,022 properties with foreclosure filings. Arizona dropped down one notch to fourth highest, documenting 12,982 properties with foreclosure filings. Ohio ranked fifth, reporting 11,470 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in September were Michigan, Illinois, Georgia, Texas and New Jersey.

 

Southern California tops state in foreclosure activity for September

Five Southern California counties topped the foreclosure activity list for September, accounting for 53 percent of all activity in the state. Leading all counties once again was Los Angeles County, reporting 12,198 properties with foreclosure filings for the month. Riverside County remained second highest, reporting 8,071 properties with foreclosure filings. San Bernardino County maintained its position at third highest, reporting 6,592 properties with foreclosure filings. San Diego County remained in fourth place, documenting 5,419 properties with foreclosure filings. Orange County took over fifth position, reporting 4,464 properties with foreclosure filings during the month.

 

Northern California counties post top foreclosure rates in September

Four out of California’s top five foreclosure rates were reported by counties in the northern half of the state in September. With one in every 60 households receiving a foreclosure filing during the month — 3.2 times the state average and 7.9 times the national average — Merced County posted the highest county foreclosure rate for the month. Second highest rate was reported by San Benito County, where one in every 70 households received a foreclosure filing — 2.7 times the state average and 6.8 times the national average. Third highest rate was registered in Madera County, where one in every 77 households received a foreclosure filing — 2.5 times the state average and 6.2 times the national average. San Joaquin County was fourth highest, with one in every 88 households receiving a foreclosure filing. With one in every 91 households receiving a foreclosure filing during the month, Riverside County was the only Southern California entry in the state’s top five.

 

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

California accounted for 26 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 U.S. households 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 – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

California

21,665

0

20,510

0

27,373

69,548

189

2.51

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

629

0

716

0

888

2,233

251

1.89

0.76

Alpine

0

0

0

0

0

0

n/a

0.00

0.00

Amador

23

0

7

0

16

46

372

1.28

0.51

Butte

142

0

33

0

118

293

320

1.48

0.59

Calaveras

75

0

28

0

61

164

163

2.92

1.16

Colusa

29

0

11

0

12

52

142

3.35

1.34

Contra Costa

869

0

533

0

1,262

2,664

146

3.25

1.30

Del Norte

6

0

2

0

8

16

685

0.69

0.28

El Dorado

84

0

85

0

107

276

296

1.60

0.64

Fresno

512

0

462

0

673

1,647

182

2.61

1.04

Glenn

11

0

1

0

16

28

377

1.26

0.50

Humboldt

23

0

8

0

14

45

1,301

0.36

0.15

Imperial

111

0

62

0

118

291

177

2.68

1.07

Inyo

6

0

2

0

3

11

825

0.58

0.23

Kern

943

0

534

0

910

2,387

110

4.32

1.72

Kings

36

0

23

0

49

108

380

1.25

0.50

Lake

126

0

42

0

85

253

136

3.48

1.39

Lassen

21

0

4

0

9

34

374

1.27

0.51

Los Angeles

4,086

0

3,995

0

4,117

12,198

275

1.73

0.69

Madera

218

0

141

0

263

622

77

6.20

2.47

Marin

60

0

38

0

44

142

760

0.62

0.25

Mariposa

9

0

0

0

3

12

807

0.59

0.23

Mendocino

32

0

6

0

11

49

789

0.60

0.24

Merced

261

0

531

0

559

1,351

60

7.92

3.16

Modoc

0

0

0

0

0

0

 n/a

0.00

0.00

Mono

10

0

0

0

7

17

787

0.60

0.24

Monterey

353

0

298

0

645

1,296

107

4.44

1.77

Napa

60

0

18

0

90

168

314

1.51

0.60

Nevada

49

0

18

0

35

102

483

0.98

0.39

Orange

1,678

0

1,340

0

1,446

4,464

229

2.07

0.83

Placer

192

0

196

0

275

663

214

2.22

0.88

Plumas

10

0

4

0

10

24

614

0.77

0.31

Riverside

2,624

0

2,353

0

3,094

8,071

91

5.23

2.09

Sacramento

987

0

1,316

0

1,905

4,208

129

3.68

1.47

San Benito

72

0

67

0

117

256

70

6.82

2.72

San Bernardino

1,555

0

2,164

0

2,873

6,592

101

4.68

1.87

San Diego

1,582

0

1,690

0

2,147

5,419

208

2.29

0.91

San Francisco

88

0

65

0

131

284

1,255

0.38

0.15

San Joaquin

653

0

806

0

1,080

2,539

88

5.40

2.15

San Luis Obispo

107

0

103

0

152

362

316

1.50

0.60

San Mateo

164

0

149

0

159

472

564

0.84

0.34

Santa Barbara

162

0

184

0

214

560

269

1.76

0.70

Santa Clara

682

0

558

0

740

1,980

308

1.54

0.62

Santa Cruz

107

0

102

0

186

395

259

1.83

0.73

Shasta

88

0

19

0

53

160

473

1.00

0.40

Sierra

1

0

2

0

3

6

378

1.26

0.50

Siskiyou

27

0

10

0

10

47

498

0.95

0.38

Solano

458

0

364

0

552

1,374

108

4.38

1.75

Sonoma

205

0

185

0

273

663

295

1.61

0.64

Stanislaus

524

0

527

0

803

1,854

92

5.14

2.05

Sutter

50

0

14

0

87

151

218

2.18

0.87

Tehama

34

0

12

0

20

66

392

1.21

0.48

Trinity

3

0

0

0

0

3

2,750

0.17

0.07

Tulare

189

0

135

0

300

624

212

2.24

0.89

Tuolumne

25

0

7

0

15

47

642

0.74

0.29

Ventura

429

0

414

0

435

1,278

212

2.24

0.89

Yolo

117

0

104

0

165

386

183

2.59

1.03

Yuba

68

0

22

0

5

95

285

1.67

0.66

 

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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