CALIFORNIA FORECLOSURE ACTIVITY DOWN 5 PERCENT IN JUNE

Foreclosure Activity Up 77 Percent From June 2007; Rate Ranks No. 2

 

IRVINE, Calif. – July 28, 2008 – Foreclosure filings were reported on 68,666 California properties in June, a 5 percent decrease from the previous month but still 77 percent above the level reported for June 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. California’s total was highest in the nation for the 18th consecutive month. With one in every 192 households receiving a foreclosure filing during the month, the state’s foreclosure rate ranked second highest among the 50 states.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 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.

 

“The fact that California continues to lead the nation in foreclosure activity comes as no surprise considering the fact that the state has the largest population and most households of any state in the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment continuing at a level above the national average, plus year-over-year declines in home sales and prices are a better explanation of current foreclosure activity despite the latest monthly downward blip we’re seeing.

 

The Golden State continued to dominate the national scene, far outdistancing second place Florida, which reported 40,351 properties with foreclosure filings, and Ohio, which reported 13,194 properties with foreclosure filings — the nation’s third highest total. Arizona fell back to fourth place, reporting 12,950 properties with foreclosure filings for the month. Michigan took fifth place, reporting 12,025 properties with foreclosure filings. The remaining states in the nation’s top 10 for total foreclosure filings in June were Texas, Georgia, Nevada, Illinois and New York.

 

Bulk of state’s foreclosure activity for June in Southern California

Four Southern California counties topped the state in foreclosure activity for June, accounting for 48 percent of the state total. Los Angeles County continued to lead all counties, reporting 11,934 properties with foreclosure filings for the month. Riverside County came in second highest again, documenting 8,143 properties with foreclosure filings. San Bernardino County was third highest once more, reporting 6,560 properties with foreclosure filings. San Diego County remained in fourth place, documenting 6,195 properties with foreclosure filings. The only Northern California county in the state’s top five for total properties with filings was Sacramento County, reporting 4,426 properties with foreclosure filings in June.

 

State’s highest foreclosure rates found mostly in Northern California

As was the case last month, four out of the top five foreclosure rates in the state were posted by Northern California counties in June. The highest rate in the state was posted once again in San Joaquin County, where one in every 72 households received a foreclosure filing — 2.7 times the state average and nearly seven times the national average. Merced County posted the second highest rate in the state, with one in every 77 households receiving a foreclosure filing for the month — 2.5 times the state average and 6.5 times the national average. Stanislaus County posted the third highest rate, with one in every 86 households receiving a foreclosure filing — 2.2 times the state average and 5.8 times the national average. The fourth highest rate in the state was reported in Riverside County, where one in every 90 households received a foreclosure filing, followed by fifth place San Benito County, where one in every 91 households received a foreclosure filing during the month.

 

State the largest single factor in nation’s foreclosure total in June

California accounted for 27 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents an decrease of more than 3 percent from the previous month but is still 53 percent ahead of the total reported for June 2007. One in every 501 U.S. households 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 – June 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

California

37,989

0

10,053

0

20,624

68,666

192

2.61

n/a

 

 

 

 

 

 

 

 

 

Alameda

1,407

0

476

0

801

2,684

209

2.40

0.92

Alpine

0

0

0

0

0

0

n/a

0.00

0.00

Amador

25

0

6

0

6

37

463

1.08

0.41

Butte

88

0

28

0

18

134

700

0.72

0.27

Calaveras

40

0

8

0

18

66

404

1.24

0.47

Colusa

36

0

6

0

8

50

147

3.40

1.30

Contra Costa

1,527

0

280

0

877

2,684

145

3.45

1.32

Del Norte

3

0

3

0

3

9

1,218

0.41

0.16

El Dorado

169

0

22

0

75

266

307

1.63

0.62

Fresno

774

0

228

0

610

1,612

186

2.69

1.03

Glenn

18

0

8

0

10

36

294

1.71

0.65

Humboldt

23

0

4

0

4

31

1,889

0.26

0.10

Imperial

116

0

27

0

44

187

276

1.81

0.70

Inyo

3

0

0

0

0

3

3,026

0.17

0.06

Kern

1,064

0

479

0

674

2,217

118

4.23

1.62

Kings

74

0

23

0

41

138

297

1.68

0.64

Lake

64

0

24

0

24

112

308

1.62

0.62

Lassen

7

0

5

0

2

14

908

0.55

0.21

Los Angeles

6,820

0

2,591

0

2,523

11,934

281

1.78

0.68

Madera

252

0

103

0

112

467

102

4.90

1.88

Marin

69

0

16

0

51

136

794

0.63

0.24

Mariposa

10

0

2

0

10

22

440

1.14

0.44

Mendocino

23

0

5

0

11

39

991

0.50

0.19

Merced

520

0

142

0

394

1,056

77

6.52

2.50

Modoc

1

0

0

0

1

2

2,414

0.21

0.08

Mono

5

0

3

0

5

13

1,029

0.49

0.19

Monterey

557

0

314

0

125

996

139

3.59

1.38

Napa

99

0

12

0

17

128

412

1.21

0.47

Nevada

67

0

13

0

13

93

530

0.95

0.36

Orange

2,431

0

517

0

1,093

4,041

253

1.98

0.76

Placer

374

0

73

0

290

737

193

2.59

0.99

Plumas

8

0

0

0

2

10

1,475

0.34

0.13

Riverside

4,457

0

791

0

2,895

8,143

90

5.56

2.13

Sacramento

2,328

0

456

0

1,642

4,426

123

4.08

1.57

San Benito

96

0

74

0

25

195

91

5.48

2.10

San Bernardino

3,632

0

726

0

2,202

6,560

102

4.91

1.88

San Diego

3,440

0

681

0

2,074

6,195

182

2.75

1.06

San Francisco

122

0

58

0

39

219

1,628

0.31

0.12

San Joaquin

1,528

0

462

0

1,129

3,119

72

6.99

2.68

San Luis Obispo

158

0

54

0

27

239

478

1.05

0.40

San Mateo

388

0

114

0

94

596

447

1.12

0.43

Santa Barbara

279

0

65

0

128

472

320

1.57

0.60

Santa Clara

1,120

0

282

0

538

1,940

314

1.59

0.61

Santa Cruz

156

0

92

0

21

269

381

1.32

0.50

Shasta

96

0

21

0

27

144

526

0.95

0.37

Sierra

3

0

0

0

1

4

568

0.88

0.34

Siskiyou

10

0

3

0

2

15

1,560

0.32

0.12

Solano

678

0

235

0

482

1,395

107

4.69

1.80

Sonoma

352

0

82

0

63

497

394

1.27

0.49

Stanislaus

1,023

0

140

0

830

1,993

86

5.82

2.23

Sutter

115

0

11

0

32

158

209

2.40

0.92

Tehama

23

0

12

0

6

41

631

0.79

0.30

Trinity

1

0

0

0

0

1

8,251

0.06

0.02

Tulare

270

0

59

0

72

401

330

1.52

0.58

Tuolumne

35

0

2

0

8

45

671

0.75

0.29

Ventura

747

0

150

0

379

1,276

212

2.36

0.90

Yolo

149

0

28

0

28

205

345

1.45

0.56

Yuba

109

0

36

0

18

163

166

3.01

1.16

 

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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