CALIFORNIA FORECLOSURE ACTIVITY TAKES TOP SPOT IN APRIL

Activity Up 245 Percent From Last Year Despite Monthly Decline

Foreclosure Rate 4th Highest in Nation

 

IRVINE, Calif. – May 18, 2007 – California led the nation in foreclosures for the second straight month, reporting 30,505 foreclosure filings in April. Although a 3 percent decline from the previous month, the state total still soared 245 percent from the total reported for April 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state posted the fourth highest foreclosure rate in the country for the month — one foreclosure filing for every 400 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosures in California have increased every month so far in 2007, and have more than tripled in number over the past year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Swelling inventories of unsold homes, a slower rate of price appreciation, tightened lending standards and the resetting of risky sub-prime mortgages are all factors contributing to the state’s growing number of foreclosure filings.”

 

The Golden State outdistanced all other states as the national leader in foreclosure activity, more than doubled second place Florida which reported 14,318 foreclosure filings for the month. California’s total nearly tripled third place Ohio’s total of 11,431 foreclosure filings. The remaining states in the nation’s top 10 for foreclosure total were Texas, Illinois, Georgia, Michigan, Colorado, Connecticut and Arizona.

 

More than half of state’s foreclosures found in five counties

Five California counties accounted for 59 percent of all foreclosure activity in the state for April. Los Angeles County continues to lead the state, reporting 5,690 foreclosure filings for the month. Riverside County posted the second highest total, reporting 3,709 foreclosure filings. San Bernardino County had the third highest, reporting 3,149 foreclosure filings. Sacramento County reported the fourth highest with 2,734 foreclosure filings, followed by San Diego County, which reported 2,612 filings in the foreclosure pipeline.

 

San Joaquin, Solano, Riverside counties lead state in foreclosure rate

San Joaquin County tallied the highest foreclosure rate in California for April, reporting one foreclosure filing for every 131 households — 3.1 times the state average and six times the national average. Solano County came in second, reporting a rate of one foreclosure filing for every 151 households — 2.7 times the state average and 5.2 times the national average. Riverside County reported the third highest rate with one foreclosure filing for every 158 households — 2.5 times the state average and five times the national average. Sacramento County’s rate of one filing for every 174 households — 2.3 times the state average and 4.5 times the national average — was the fourth highest. Completing the top five was Stanislaus County with a foreclosure rate of one filing for every 180 households — 2.2 times the state average and 4.3 times the national average.

 

State the biggest contributor to national total for April

Total foreclosure filings in California accounted for 21 percent of the 147,708 foreclosure filings nationwide, far and away the largest single contributor in April. The national total was down less than 1 percent from the previous month, but sill up 62 percent from April 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 783 U.S. households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                       California Foreclosure Market by County – April 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,171

49,794

7,388

21,085

22,270

147,708

783

n/a

n/a

California

24,305

4,199

0

0

2,001

30,505

400

1.95

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

577

87

0

0

19

683

791

0.99

0.51

Amador

9

1

0

0

2

12

1,253

0.62

0.32

Butte

59

10

0

0

8

77

1,111

0.70

0.36

Calaveras

8

3

0

0

2

13

1,765

0.44

0.23

Colusa

6

0

0

0

4

10

677

1.16

0.59

Contra Costa

1,168

80

0

0

93

1,341

264

2.96

1.51

Del Norte

2

0

0

0

0

2

5,217

0.15

0.08

El Dorado

34

8

0

0

4

46

1,550

0.51

0.26

Fresno

558

87

0

0

15

660

410

1.91

0.98

Glenn

0

1

0

0

0

1

9,982

0.08

0.04

Humboldt

19

0

0

0

1

20

2,796

0.28

0.14

Imperial

28

17

0

0

1

46

954

0.82

0.42

Inyo

1

0

0

0

0

1

9,042

0.09

0.04

Kern

658

86

0

0

26

770

301

2.60

1.33

Kings

12

4

0

0

6

22

1,662

0.47

0.24

Lake

3

1

0

0

0

4

8,132

0.10

0.05

Lassen

3

0

0

0

1

4

3,000

0.26

0.13

Los Angeles

4,708

703

0

0

279

5,690

575

1.36

0.70

Madera

47

12

0

0

36

95

425

1.84

0.94

Marin

64

2

0

0

1

67

1,567

0.50

0.26

Mariposa

4

1

0

0

0

5

1,765

0.44

0.23

Mendocino

16

3

0

0

1

20

1,847

0.42

0.22

Merced

275

24

0

0

27

326

210

3.73

1.91

Modoc

1

0

0

0

0

1

4,807

0.16

0.08

Mono

0

0

0

0

0

0

n/a 

0.00

0.00

Monterey

113

22

0

0

6

141

934

0.84

0.43

Napa

56

5

0

0

2

63

771

1.02

0.52

Nevada

17

4

0

0

1

22

2,013

0.39

0.20

Orange

1,369

164

0

0

64

1,597

607

1.29

0.66

Placer

322

69

0

0

13

404

266

2.95

1.51

Plumas

1

2

0

0

0

3

4,462

0.18

0.09

Riverside

2,990

600

0

0

119

3,709

158

4.97

2.54

Sacramento

1,954

340

0

0

440

2,734

174

4.51

2.31

San Benito

17

1

0

0

2

20

825

0.95

0.49

San Bernardino

2,261

638

0

0

250

3,149

191

4.10

2.10

San Diego

2,193

291

0

0

128

2,612

398

1.97

1.01

San Francisco

130

23

0

0

5

158

2,193

0.36

0.18

San Joaquin

1,117

249

0

0

80

1,446

131

5.98

3.06

San Luis Obispo

115

14

0

0

3

132

775

1.01

0.52

San Mateo

244

41

0

0

24

309

843

0.93

0.47

Santa Barbara

104

12

0

0

8

124

1,152

0.68

0.35

Santa Clara

560

129

0

0

89

778

745

1.05

0.54

Santa Cruz

42

4

0

0

5

51

1,939

0.40

0.21

Shasta

54

5

0

0

3

62

1,110

0.71

0.36

Sierra

0

1

0

0

0

1

2,202

0.36

0.18

Siskiyou

6

2

0

0

0

8

2,743

0.29

0.15

Solano

613

159

0

0

118

890

151

5.18

2.65

Sonoma

287

72

0

0

56

415

441

1.77

0.91

Stanislaus

705

107

0

0

25

837

180

4.34

2.22

Sutter

53

8

0

0

2

63

450

1.74

0.89

Tehama

6

1

0

0

2

9

2,616

0.30

0.15

Tulare

270

23

0

0

4

297

403

1.94

0.99

Tuolumne

19

2

0

0

1

22

1,288

0.61

0.31

Ventura

329

67

0

0

15

411

612

1.28

0.65

Yolo

52

7

0

0

6

65

947

0.83

0.42

Yuba

46

7

0

0

4

57

397

1.97

1.01

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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