CALIFORNIA FORECLOSURE ACTIVITY DOWN 6 PERCENT IN FEBRUARY

Up 131 Percent From February 2007; Foreclosure Rate Ranks Second Highest

 

IRVINE, Calif. – March 26, 2008 – California led the nation in foreclosure activity once again, documenting 53,629 properties with foreclosure filings for February 2008. The total represents a 6 percent decrease in activity from the previous month, but is still 131 percent above the level reported for February 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 242 California households received a foreclosure filing during the month, the second highest foreclosure rate among the states and 2.3 times the national average.

 

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.

 

California continues to teeter alone atop the nation’s foreclosure peak, with no end in sight in the near future,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although the state’s foreclosure filings declined slightly last month, it basically balances out the slight uptick seen the month before. With unemployment running higher than the national average, and home sales and prices continuing their downward spiral the state has a long way to go before it comes off of that mountain top.

 

Despite the monthly decline in activity, the Golden State continued to maintain a significant margin over the other states in the nation’s top 10 for foreclosure activity in February. Second place Florida reported 32,447 properties with foreclosure filings, while third place Texas had 12,261 properties with foreclosure filings for the month. Michigan properties with foreclosure filings totaled 10,957 for the fourth highest total, followed closely by Ohio reporting 10,386 properties with foreclosure filings, the nation’s fifth highest total. The remaining states in the nation’s top 10 for total foreclosure filings in February were Arizona, Illinois, Georgia, Colorado and Nevada.

 

Los Angeles County continues to lead state in foreclosure activity

Los Angeles County continued to lead the state by a large margin in foreclosure activity in February, reporting 9,658 properties with foreclosure filings. Second place Riverside County documented 6,103 properties with foreclosure filings, while third place San Bernardino County reported 4,963 properties with foreclosure filings. San Diego had the state’s fourth highest total, with 4,728 properties with foreclosure filings. Sacramento County was the only Northern California county in the state’s top five, reporting 3,732 properties with foreclosure filings.

 

Top three foreclosure rates posted in Northern California

Three Northern California counties posted the highest foreclosure rates in the state for February. San Joaquin County led the way with a rate of one in every 87 households receiving a foreclosure filing for the month — 2.8 times the state average and 6.4 times the national average. Stanislaus County posted the state’s second highest rate, with one in every 103 households receiving a foreclosure filing — 2.4 times the state average and 5.4 times the national average. The third highest rate was documented in Merced County, where one in every 107 households received a foreclosure filing in February.

 

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

Total filings in California accounted for 24 percent of the 223,651 properties with foreclosure filings reported nationwide in January. The national total represents a 4 percent decrease from the previous month, but is still 60 percent ahead of the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during 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 – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

California

35,731

6,759

0

0

11,139

53,629

242

2.30

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

1,293

272

0

0

465

2,030

274

2.03

0.88

Alpine

1

0

0

0

0

1

1,694

0.33

0.14

Amador

34

6

0

0

1

41

408

1.36

0.59

Butte

108

15

0

0

19

142

649

0.86

0.37

Calaveras

47

12

0

0

10

69

375

1.49

0.65

Colusa

17

4

0

0

3

24

302

1.84

0.80

Contra Costa

1,466

269

0

0

672

2,407

159

3.50

1.52

Del Norte

4

0

0

0

3

7

1,553

0.36

0.16

El Dorado

134

36

0

0

36

206

390

1.43

0.62

Fresno

794

184

0

0

229

1,207

243

2.30

1.00

Glenn

19

8

0

0

7

34

305

1.83

0.79

Humboldt

34

3

0

0

2

39

1,491

0.37

0.16

Imperial

244

48

0

0

42

334

148

3.76

1.63

Inyo

0

0

0

0

1

1

9,071

0.06

0.03

Kern

1,143

326

0

0

353

1,822

140

3.99

1.74

Kings

85

12

0

0

34

131

306

1.82

0.79

Lake

78

16

0

0

24

118

288

1.93

0.84

Lassen

9

5

0

0

3

17

740

0.75

0.33

Los Angeles

6,673

1,315

0

0

1,670

9,658

346

1.61

0.70

Madera

167

33

0

0

28

228

200

2.79

1.21

Marin

88

18

0

0

15

121

888

0.63

0.27

Mariposa

4

1

0

0

0

5

1,896

0.29

0.13

Mendocino

26

2

0

0

3

31

1,239

0.45

0.20

Merced

430

52

0

0

245

727

107

5.22

2.27

Modoc

2

1

0

0

0

3

1,603

0.35

0.15

Mono

10

6

0

0

1

17

756

0.74

0.32

Monterey

443

40

0

0

29

512

269

2.07

0.90

Napa

91

11

0

0

5

107

488

1.14

0.50

Nevada

47

5

0

0

6

58

836

0.67

0.29

Orange

2,051

475

0

0

521

3,047

334

1.67

0.73

Placer

401

59

0

0

134

594

231

2.41

1.05

Plumas

2

3

0

0

0

5

2,886

0.19

0.08

Riverside

3,969

788

0

0

1,346

6,103

115

4.86

2.11

Sacramento

2,155

615

0

0

962

3,732

141

3.94

1.71

San Benito

88

2

0

0

5

95

187

2.98

1.30

San Bernardino

3,293

435

0

0

1,235

4,963

132

4.23

1.84

San Diego

3,134

506

0

0

1,088

4,728

235

2.36

1.03

San Francisco

181

45

0

0

23

249

1,426

0.39

0.17

San Joaquin

1,581

228

0

0

693

2,502

87

6.39

2.78

San Luis obispo

109

11

0

0

12

132

849

0.66

0.29

San Mateo

240

33

0

0

91

364

731

0.76

0.33

Santa Barbara

231

32

0

0

26

289

519

1.07

0.47

Santa Clara

1,031

218

0

0

253

1,502

403

1.38

0.60

Santa Cruz

135

18

0

0

10

163

624

0.89

0.39

Shasta

109

16

0

0

11

136

546

1.02

0.44

Sierra

2

0

0

0

1

3

756

0.74

0.32

Siskiyou

16

4

0

0

1

21

1,094

0.51

0.22

Solano

623

140

0

0

257

1,020

144

3.87

1.68

Sonoma

365

57

0

0

30

452

428

1.30

0.57

Stanislaus

1,133

144

0

0

353

1,630

103

5.43

2.36

Sutter

88

11

0

0

11

110

288

1.93

0.84

Tehama

91

12

0

0

30

133

190

2.94

1.28

Trinity

1

0

0

0

0

1

8,192

0.07

0.03

Tulare

300

67

0

0

38

405

319

1.75

0.76

Tuolumne

28

4

0

0

4

36

829

0.67

0.29

Ventura

644

78

0

0

69

791

337

1.65

0.72

Yolo

134

30

0

0

23

187

370

1.51

0.66

Yuba

105

28

0

0

6

139

183

3.04

1.32

 

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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