California Foreclosure Activity Lower in Second Quarter

Activity level drops 11 percent from Q1; rate 4th highest in nation

Filings decline 13 percent mid-year; down 4 percent in June

 

California reported 192,422 properties with foreclosure filings for the second quarter of 2010, still the highest activity level in the nation despite recent lower levels of activity. This latest total represents an 11 percent drop from the first quarter of the year but is still nearly 6 percent above the level reported for the second quarter of 2009.  One in every 70 California housing units received a foreclosure filing during the quarter, giving the state the fourth highest foreclosure rate in the nation.

 

Activity level in the Golden State also fell during the first half of 2010, as well as for June. For the first six months of the year, California reported 340,740 properties with foreclosure filings, a 15 percent drop in activity from the second half of 2009, and 13 percent below the level reported mid-year 2009. In June the state tallied 69,114 properties with foreclosure filings, a decrease of 5 percent from the previous month and down 32 percent from June 2009.

 

“Foreclosure activity in California fell during the second quarter this year to its lowest level since the state hit its peak back during the second quarter of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Activity was also down substantially for the first half of 2010 and for June. Homes have been selling and prices seem to be stabilizing in some areas of the state, which is helping to a certain extent. Still, unemployment remains excessively high, which means the number of foreclosed properties could spike again at any time. Until people are gainfully employed, we will not see an end to the foreclosure crisis in California.”

 

Florida remained the state with the second highest foreclosure activity in the nation during the second quarter, reporting 139,693 properties with foreclosure filings. Once again Arizona came in third highest, documenting 45,613 properties with foreclosure filings. Illinois narrowly stayed in fourth place, reporting 45,567 properties with foreclosure filings for the quarter. Michigan was fifth once again, reporting 45,451 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the second quarter were Nevada (38,077), Georgia (38,072), Texas (32,800), Ohio (30,644), and New Jersey (21,977). The nation’s top five accounted for 52 percent of all foreclosure filings in the nation for the quarter.

 

Stanislaus, Merced counties post state’s top foreclosure rate for the quarter

Stanislaus and Merced counties both posted the highest county foreclosure rate in the state during the second quarter, as one in every 37 housing units received a foreclosure filing in both counties — 3.9 times the national average and 1.9 times the state average. With one in every 39 housing units receiving a foreclosure filing — 3.7 times the national average and 1.8 times the state average — Riverside County came in third highest in the state.

 

Los Angeles County leads state in total foreclosures for the second quarter

Los Angeles County reported 39,087 properties with foreclosure filings for the quarter, more than double second highest Riverside County, which reported 19,829 properties with foreclosure filings. Reporting 16,277 properties with foreclosure filings for the quarter, San Bernardino County came in third. San Diego County was fourth, reporting 14,467 properties with foreclosure filings. Fifth highest total was Sacramento County, where 11,136 properties with foreclosure filings were reported for the quarter.

 

State the largest single contributor to nation’s quarterly total

Foreclosure activity in California represented 21 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

California

70,650

9

75,998

0

45,765

192,422

70

2.07

n/a

 

 

 

 

 

 

 

 

 

 

Stanislaus

1,588

0

1,781

0

1,388

4,757

37

3.92

1.89

Merced

813

0

796

0

659

2,268

37

3.91

1.89

Riverside

6,957

0

7,757

0

5,115

19,829

39

3.72

1.79

San Joaquin

2,101

0

2,079

0

1,672

5,852

39

3.69

1.78

San Bernardino

5,877

0

6,153

0

4,247

16,277

42

3.41

1.65

 

 

California Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

California

70,650

9

75,998

0

45,765

192,422

70

-11.02

-24.21

 

 

 

 

 

 

 

 

 

 

Los Angeles

14,409

0

17,088

0

7,590

39,087

87

-15.86

-27.67

Riverside

6,957

0

7,757

0

5,115

19,829

39

-12.72

-32.56

San Bernardino

5,877

0

6,153

0

4,247

16,277

42

-10.95

-29.76

San Diego

5,453

3

6,103

0

2,908

14,467

79

-12.69

-25.86

Sacramento

3,970

0

3,830

0

3,336

11,136

49

-8.35

-17.11

 

 

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