CALIFORNIA FORECLOSURE ACTIVITY TAKES TOP SPOT IN MARCH

Activity Up 35 Percent From Previous Month; Foreclosure Rate Ranks 3rd Highest

 

IRVINE, Calif. – April 23, 2007 – California reported 31,434 foreclosure filings in March, the most of any state and a 35 percent increase from a revised February total, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state took the nation’s top spot for the first time in 2007 and also posted the third highest foreclosure rate in the country for the month — one new foreclosure filing for every 389 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.

 

“The fact that foreclosure activity in California is up by more than one-third from the previous month, and almost three times what it was a year ago, is a definite sign that the state’s housing market is not in recovery mode yet,” said James J. Saccacio, chief executive officer of RealtyTrac. “A number of factors are contributing to this latest upswing in foreclosure activity. Chief among them is borrowers who signed up for risky subprime loans and are now going into foreclosure due to escalated mortgage payments. Other contributing factors include lower price appreciation and slower home sales — both of which are causing the state’s unsold inventory to swell — and making it virtually impossible for many distressed homeowners to sell their way out of foreclosure unless the lender agrees to accept a short sale.”

 

The Golden State outdistanced all other states as the national leader in foreclosure activity, well ahead of second place Florida, which reported 14,303 foreclosure filings for the month, and nearly 2.5 times as many as third place Texas, which documented 12,755 filings. The remaining states in the nation’s top 10 for foreclosure total in March are Michigan, Ohio, Illinois, Georgia, Colorado, New Jersey and Nevada. Third behind Nevada and Colorado, the state’s foreclosure rate was twice the national average.

 

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

Five California counties accounted for 55 percent of all foreclosure activity in the state for March. Los Angeles County continues to lead the state in foreclosure activity, reporting 5,155 foreclosure filings for the month. Riverside County repeated as the county with the second highest total, reporting 3,514 foreclosure filings. Sacramento County remained in third place for the second straight month, reporting 3,226 filings. Fourth highest total was tallied in San Bernardino County, with 2,837 foreclosure filings for the month, followed by San Diego County, which reported 2,551 filings.

 

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

San Joaquin County posted the highest foreclosure rate in California for March, reporting one foreclosure filing for every 128 households — three times the state average and six times the national average. Solano and Sacramento counties tied for second place, both reporting one filing for every 147 households — 2.6 times the state average and 5.3 times the national average. Reporting the fourth highest total for the month was Stanislaus county, with one filing for every 159 households — 2.4 times the state average and 4.9 times the national average. Completing the top five was Riverside County, with a foreclosure rate of one new filing for every 166 households — 2.3 times the state average and 4.7 times the national average.

 

State the biggest contributor to national total for March

Total foreclosure filings in California accounted for 21 percent of the 149,150 foreclosure filings nationwide, far and away the largest single contributor in March. The national total was up almost 7 percent from the previous month, and surged 47 percent from March 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 775 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 – March 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,134

51,203

8,906

19,416

22,491

149,150

775

n/a

n/a

California

24,374

4,924

0

0

2,136

31,434

389

2.00

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

969

101

0

0

33

1,103

490

1.58

0.79

Amador

9

2

0

0

3

14

1074

0.72

0.36

Butte

59

11

0

0

5

75

1140

0.68

0.34

Calaveras

20

3

0

0

4

27

850

0.91

0.46

Colusa

5

4

0

0

1

10

677

1.14

0.57

Contra Costa

999

95

0

0

28

1,122

316

2.45

1.23

Del Norte

4

1

0

0

0

5

2087

0.37

0.19

El Dorado

81

23

0

0

7

111

642

1.21

0.61

Fresno

705

99

0

0

38

842

322

2.41

1.21

Glenn

12

4

0

0

1

17

587

1.32

0.66

Humboldt

20

4

0

0

2

26

2150

0.36

0.18

Imperial

55

21

0

0

4

80

549

1.41

0.71

Inyo

0

0

0

0

0

0

 

0.00

0.00

Kern

930

121

0

0

39

1,090

212

3.65

1.83

Kings

27

7

0

0

1

35

1045

0.74

0.37

Lake

22

10

0

0

4

36

904

0.86

0.43

Lassen

4

2

0

0

0

6

2000

0.39

0.19

Los Angeles

3,742

900

0

0

513

5,155

635

1.22

0.61

Madera

84

7

0

0

7

98

412

1.88

0.94

Marin

45

6

0

0

2

53

1981

0.39

0.20

Mariposa

1

0

0

0

0

1

8826

0.09

0.04

Mendocino

14

3

0

0

1

18

2052

0.38

0.19

Merced

270

25

0

0

5

300

228

3.40

1.70

Modoc

2

0

0

0

1

3

1602

0.48

0.24

Mono

0

0

0

0

0

0

 

0.00

0.00

Monterey

148

28

0

0

9

185

712

1.09

0.55

Napa

107

6

0

0

1

114

426

1.82

0.91

Nevada

20

5

0

0

3

28

1582

0.49

0.25

Orange

1,040

258

0

0

74

1,372

707

1.10

0.55

Placer

321

87

0

0

13

421

255

3.04

1.52

Plumas

2

0

0

0

0

2

6693

0.12

0.06

Riverside

2,559

796

0

0

159

3,514

166

4.66

2.34

Sacramento

2,138

516

0

0

572

3,226

147

5.27

2.64

San Benito

32

2

0

0

1

35

471

1.64

0.82

San Bernardino

2,424

308

0

0

105

2,837

212

3.66

1.83

San Diego

1,998

415

0

0

138

2,551

408

1.90

0.95

San Francisco

149

48

0

0

7

204

1699

0.46

0.23

San Joaquin

1,256

179

0

0

42

1,477

128

6.05

3.03

San Luis obispo

129

21

0

0

3

153

668

1.16

0.58

San Mateo

199

51

0

0

10

260

1002

0.77

0.39

Santa Barbara

105

18

0

0

13

136

1051

0.74

0.37

Santa Clara

762

85

0

0

27

874

663

1.17

0.59

Santa Cruz

70

9

0

0

0

79

1252

0.62

0.31

Shasta

53

4

0

0

4

61

1128

0.69

0.34

Siskiyou

11

1

0

0

0

12

1829

0.42

0.21

Solano

592

229

0

0

93

914

147

5.27

2.64

Sonoma

264

74

0

0

23

361

507

1.53

0.77

Stanislaus

860

67

0

0

21

948

159

4.87

2.44

Sutter

52

5

0

0

5

62

457

1.70

0.85

Tehama

28

4

0

0

3

35

673

1.15

0.58

Tulare

177

33

0

0

12

222

539

1.44

0.72

Tuolumne

18

2

0

0

0

20

1417

0.55

0.27

Ventura

673

207

0

0

90

970

259

2.99

1.50

Yolo

51

8

0

0

4

63

978

0.79

0.40

Yuba

57

9

0

0

5

71

319

2.43

1.22

 

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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