California Foreclosure Activity Rises in First Quarter

Statewide filings down marginally from last year; nation’s 4th highest foreclosure rate

March numbers up substantially from a month earlier; down from a year ago

 

Foreclosure activity in California rose 5 percent during the first quarter of 2010, but was down more than 6 percent from the same period last year. In all, the state reported 216,263 properties with foreclosure filings during the quarter, maintaining it’s status as the nation’s foreclosure leader for the 16th consecutive quarter. One in every 62 California housing units received a foreclosure filing during the quarter, the fourth highest state foreclosure rate in the nation.

 

The level of activity was more noteworthy in March, when the state reported 93,173 properties with foreclosure filings, a 36 percent increase from the previous month, but 14 percent below the level reported in March 2009. One in every 144 California housing units received a foreclosure filing during the month, the second highest state foreclosure rate.

 

“After a 17 percent decline between the third and fourth quarter of 2009, foreclosures began moving up again in the first quarter of this year and were up significantly in March,” said James J. Saccacio, chief executive officer of RealtyTrac. “The good news is that foreclosure activity was down somewhat on both a quarterly and monthly basis from the same time a year ago. The question remains, however, whether this is a sustainable trend or just momentary relief before another major upsurge in activity occurs throughout the state.”

 

Florida continued its ranking as second highest in the nation, reporting 153,540 properties with foreclosure filings for the quarter. Arizona came in third highest, documenting 55,686 properties with foreclosure filings. Illinois ranked fourth, reporting 45,780 properties with foreclosure filings. Michigan was a close fifth, reporting 45,732 properties with foreclosure filings for the quarter.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the first quarter were Georgia (39,911), Texas (37,354), Nevada (34,557), Ohio (33,221), and Colorado (16,023). In all, the top 10 accounted for 73 percent of all foreclosure filings in the nation for the quarter.

 

Riverside, Stanislaus counties tops in foreclosure rate for the first quarter

Riverside and Stanislaus counties both posted the highest county foreclosure rate in the state during the first quarter, as one in every 34 housing units received a foreclosure filing in both counties — 4.1 times the national average and 1.8 times the state average. San Joaquin and Merced counties tied for third, with one in every 36 housing units receiving a foreclosure filing — 3.8 times the national average and 1.7 times the state average. With one in every 38 housing units receiving a foreclosure filing — 3.7 times the national average and 1.7 times the state average — San Bernardino County came in fifth highest.

 

So Cal leads state in total foreclosures for the first quarter

Five counties in Southern California led the state in total foreclosure activity during the first quarter. Los Angeles County documented more than double the activity of its nearest competitor, totaling 46,452 properties with foreclosure filings for the quarter. Riverside County was second, reporting 22,719 properties with foreclosure filings. Reporting 18,279 properties with foreclosure filings for the month, San Bernardino County came in third. San Diego County was fourth, reporting 16,570 properties with foreclosure filings. Fifth highest total was Orange County, where 12,841 properties with foreclosure filings were reported for the quarter.

 

State the nation’s largest single contributor to quarterly foreclosure total

By itself, California represented 23 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

California

83,554

0

86,264

0

46,445

216,263

62

2.24

n/a

 

 

 

 

 

 

 

 

 

 

Riverside

8,419

0

9,198

0

5,102

22,719

34

4.09

1.83

Stanislaus

1,897

0

1,835

0

1,406

5,138

34

4.06

1.82

San Joaquin

2,311

0

2,350

0

1,666

6,327

36

3.83

1.71

Merced

837

0

823

0

647

2,307

36

3.82

1.71

San Bernardino

7,071

0

6,879

0

4,329

18,279

38

3.68

1.65

 

 

California Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

California

83,554

0

86,264

0

46,445

216,263

62

4.73

-6.35

 

 

 

 

 

 

 

 

 

 

Los Angeles

17,760

0

20,639

0

8,053

46,452

73

5.37

-1.79

Riverside

8,419

0

9,198

0

5,102

22,719

34

5.92

-19.09

San Bernardino

7,071

0

6,879

0

4,329

18,279

38

2.06

-19.85

San Diego

6,403

0

7,040

0

3,127

16,570

69

1.73

-7.36

Orange

5,067

0

6,052

0

1,722

12,841

81

7.08

3.96

 

 

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