California Foreclosure Activity Increases in May

Statewide filings up 3 percent from April; rate remains at #4

 

Foreclosure activity in California rose 3 percent in May to 72,030 properties with foreclosure filings. This is the 41st consecutive month that the Golden State has led the nation in total foreclosure activity despite a nearly 22 percent decline from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate remained the nation’s fourth highest, as one in every 186 California housing units received a foreclosure filing during the month.

 

“Once again year-over-year foreclosure activity in California fell for the most recent month reported; however, on a monthly basis the activity level picked back up slightly in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “Any potential for a true recovery in California’s housing market — and a permanent reduction of foreclosure inventory — is not likely for some time to come seeing as the state’s unemployment rate continues to hover well above the national average.”

 

Florida remained secure in second place, reporting 50,685 properties with foreclosure filings, followed by third place Michigan, documenting 20,322 properties with foreclosure filings for the month. Arizona moved up to fourth highest, reporting 16,097 properties with foreclosure filings. Illinois dropped one spot to fifth highest state total, tallying 15,061 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in May were Nevada (14,346), Georgia (13,778), Texas (11,137), Ohio (10,379) and New Jersey (7,993). In all, the top 10 accounted for 72 percent of all foreclosure filings in the nation for May.

 

Northern California continues to dominate foreclosure rate numbers in May

The top four county foreclosure rates in the state were reported in Northern California in May. Merced County posted the highest rate, with one in every 84 housing units receiving a foreclosure filing — 4.7 times the national average and 2.2 times the state average. Stanislaus County came in second, with one in every 99 housing units receiving a foreclosure filing — four times the national average and 1.9 times the state average. With one in every 101 housing units receiving a foreclosure filing — four times the national average and 1.8 times the state average — Solano County had the third highest foreclosure rate in the state. One in every 103 housing units received a foreclosure filing in San Joaquin County — 3.9 times the national average and 1.8 times the state average — the fourth highest rate for the month.

 

Southern California tops in foreclosure total for May

Four Southern California counties reported the highest foreclosure activity levels in the state for May. Los Angeles County remained on top, reporting 14,203 properties with foreclosure filings for the month. Riverside County stayed in second, documenting 7,141 properties with foreclosure filings. Reporting 6,538 properties with foreclosure filings for the month, San Bernardino County maintained its ranking as third highest. San Diego County was fourth highest once again, reporting 5,386 properties with foreclosure filings.

 

State the largest contributor to nation’s monthly foreclosure total in May

California accounted for 22 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

California

24,669

0

31,415

0

15,946

72,030

186

2.15

n/a

 

 

 

 

 

 

 

 

 

 

Merced

376

0

381

0

236

993

84

4.74

2.21

Stanislaus

538

0

768

0

455

1,761

99

4.02

1.87

Solano

563

0

576

0

355

1,494

101

3.97

1.84

San Joaquin

725

0

935

0

562

2,222

103

3.88

1.81

San Bernardino

2,179

0

2,866

0

1,493

6,538

105

3.80

1.77

 

 

California Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

California

24,669

0

31,415

0

15,946

72,030

186

3.31

-21.92

 

 

 

 

 

 

 

 

 

 

Los Angeles

5,021

0

6,530

0

2,652

14,203

238

-1.80

-25.53

Riverside

2,152

0

3,221

0

1,768

7,141

108

-2.38

-33.78

San Bernardino

2,179

0

2,866

0

1,493

6,538

105

11.46

-22.43

San Diego

1,911

0

2,451

0

1,024

5,386

211

1.89

-29.64

Sacramento

1,270

0

1,768

0

1,103

4,141

133

4.07

-12.97

 

 

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