California Foreclosure Activity Slows Down in July

Statewide filings down 3 percent from June; rate still No. 4 nationally

 

Foreclosure activity in California decreased 3 percent in July to 66,910 properties with foreclosure filings, 38 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate stayed at No. 4 nationally, however, as one in every 200 California housing units received a foreclosure filing during the month.

 

“It is easy to understand why California continues to dominate in total foreclosures even while foreclosure activity as a whole continues to decline on both a monthly and yearly basis when you consider that the state has the largest population and the most housing units in the country,” said James J. Saccacio, chief executive officer of RealtyTrac. “Given that the state’s unemployment rate is nearly 3 percentage points above the national average, more Californians are destined to face the possibility of foreclosure in the short term until job security returns.”

 

As it has since February 2007, Florida posted the second highest foreclosure total in the nation behind national leader California in July, tallying 51,557 properties with foreclosure filings. Illinois moved up a notch to third highest total, reporting 19,602 properties with foreclosure filings for the month. Reporting 18,833 properties with foreclosure filings, Michigan fell one spot to fourth place. Arizona maintained the fifth highest total, reporting 16,298 properties with foreclosure filings for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in July were Nevada (13,727), Ohio (13,511), Georgia (12,577), Texas (11,727) and Maryland (6,961). In all, the top five accounted for 53 percent of all foreclosure filings in the nation for July.

 

Stanislaus County posts top county foreclosure rate in July

One in every 102 housing units in Stanislaus County received a foreclosure filing in July, giving the county the top foreclosure rate in the state for the month. Riverside County posted the second highest rate, with one in every 109 housing units receiving a foreclosure filing during the month. Coming in third was Merced County, where one in every 111 housing units received a foreclosure filing in July.

 

Los Angeles County continues to dominate state with top foreclosure total for July

Reporting 13,256 properties with foreclosure filings in July, Los Angeles County continues to lead the state in total foreclosure activity. Second highest Riverside County had little more than half as many for the month, reporting 7,068 properties with foreclosure filings. San Bernardino County came in third highest, tallying 5,990 properties with foreclosure filings. Fourth highest was San Diego County, where 5,032 properties with foreclosure filings were reported. Orange County was fifth, reporting 3,527 properties with foreclosure filings for the month.

 

State remains the largest single contributor to nation’s monthly foreclosure total

California accounted for 21 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

California

26,848

0

26,191

0

13,871

66,910

200

1.98

n/a

 

 

 

 

 

 

 

 

 

 

Stanislaus

614

0

640

0

457

1,711

102

3.88

1.96

Riverside

2,884

0

2,645

0

1,539

7,068

109

3.65

1.84

Merced

241

0

251

0

264

756

111

3.58

1.81

San Bernardino

2,385

0

2,323

0

1,282

5,990

115

3.46

1.74

San Joaquin

743

0

725

0

522

1,990

115

3.45

1.74

 

 

California Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

California

26,848

0

26,191

0

13,871

66,910

200

-3.19

-38.11

 

 

 

 

 

 

 

 

 

 

Los Angeles

5,419

0

5,737

0

2,100

13,256

255

-1.20

-41.19

Riverside

2,884

0

2,645

0

1,539

7,068

109

-2.64

-41.32

San Bernardino

2,385

0

2,323

0

1,282

5,990

115

10.66

-36.65

San Diego

2,043

0

2,143

0

846

5,032

226

1.17

-37.34

Orange

1,338

0

1,635

0

554

3,527

294

-9.84

-51.59

 

 

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