California Foreclosure Activity Falls in April

Statewide filings down 25 percent from March; rate still #4 nationally

 

Monthly foreclosure activity in California fell by the largest percentage seen so far this year in April, down 25 percent from the previous month to 69,725 properties with foreclosure filings. This latest state total also represents a nearly 28 percent year-over-year decrease in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. Despite the downward movement, however, the state kept its ranking as the fourth highest state foreclosure rate in the nation with one in 192 California housing units receiving a foreclosure filing during the month.

 

Despite recent monthly declines in foreclosure activity, California has continued to lead the nation in total foreclosures for 40 straight months now.

 

“Foreclosure activity in California has decreased 36 percent from its peak back in July 2009, and is substantially down from a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “The number of default and auction notices both documented significant declines in April (20 percent and 40 percent respectively). Whether or not this is a sustainable trend or a momentary decline in activity remains to be seen, however, given the state’s unemployment rate continues to rise and was well above the national average in March at 12.6 percent.”

 

Despite large declines in activity, Florida remained the state with the second highest level of foreclosure activity in the country in April, reporting 48,385 properties with foreclosure filings for the month. Michigan rose to third highest, documenting 19,173 properties with foreclosure filings. Illinois came in at fourth highest, reporting 18,870 properties with foreclosure filings. Nevada rose two spots to fifth, tallying 16,217 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in April were Arizona (16,088), Georgia (13,963), Texas (13,133), Ohio (11,936) and Virginia (7,065). In all, the top 10 accounted for 70 percent of all foreclosure filings in the nation for April.

 

Northern California counties tops in foreclosure rate for April

Four out of the top five county foreclosure rates in the state were reported in Northern California in April. With one in every 101 housing units receiving a foreclosure filing — 3.8 times the national average  and 1.9 times the state average — Stanislaus County posted the highest county foreclosure rate in the state for the month. Merced County came in second, with one in every 104 housing units receiving a foreclosure filing — 3.7 times the national average and 1.8 times the state average. Riverside County was third, with one in every 105 housing units receiving a foreclosure filing — 3.7 times the national average and 1.8 times the state average.

 

Highest foreclosure totals in Southern California counties for April

Southern California counties led the state in foreclosure activity during April. Los Angeles County continued to lead the way, reporting 14,464 properties with foreclosure filings for the month. Riverside County remained second highest, documenting 7,315 properties with foreclosure filings. Reporting 5,866 properties with foreclosure filings for the month, San Bernardino County ranked third highest. San Diego County was fourth, reporting 5,286 properties with foreclosure filings. A total 4,192 properties with foreclosure filings were reported in Orange County, the fifth highest county total in April.

 

State still the largest single contributor to nation’s month foreclosure total

California accounted for 21 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

California

27,626

11

25,156

0

16,932

69,725

192

2.01

n/a

 

 

 

 

 

 

 

 

 

 

Stanislaus

618

0

593

0

520

1,731

101

3.82

1.90

Merced

301

0

277

0

225

803

104

3.71

1.84

Riverside

2,812

0

2,515

0

1,988

7,315

105

3.68

1.83

San Joaquin

829

0

675

0

607

2,111

108

3.57

1.77

Solano

535

0

436

0

317

1,288

117

3.31

1.64

 

 

California Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

California

27,626

11

25,156

0

16,932

69,725

192

-25.17

-27.79

 

 

 

 

 

 

 

 

 

 

Los Angeles

5,721

0

5,900

0

2,843

14,464

234

-20.47

-29.66

Riverside

2,812

0

2,515

0

1,988

7,315

105

-29.84

-33.08

San Bernardino

2,230

0

1,999

0

1,637

5,866

117

-25.66

-35.06

San Diego

2,246

3

1,980

0

1,057

5,286

215

-24.14

-25.39

Orange

1,858

1

1,633

0

700

4,192

247

-21.34

-28.61

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved