CALIFORNIA FORECLOSURE ACTIVITY UP 110 PERCENT IN 2008

More than 523,000 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 523,624 California properties in 2008, an increase of 110 percent from 2007 and an increase of 498 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 3.97 percent of all California housing units received at least one foreclosure filing during the year, up from 1.92 percent in 2007.

 

The Golden State reported 89,449 properties with foreclosure filings in December, a 48 percent increase from the previous month and nearly a 68 percent increase over December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.

 

“Given that California has the largest population and the most housing units of any state in the country, it comes as no surprise that the state’s foreclosure activity — despite some changes to the state’s foreclosure law during the second half of the year — separated from the rest of the pack when it came to total properties with foreclosure filings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Rising unemployment, lower home prices and a growing inventory of foreclosed properties have all contributed to a foreclosure problem that has no short-term solution in sight as we head into 2009.

 

Next to California, the state with the highest total foreclosure activity for the year was Florida, which reported 385,309 properties with foreclosure filings. Third highest was Arizona, reporting 116,911 properties with foreclosure filings. Ohio was fourth highest, reporting 113,570 properties with foreclosure filings. Michigan came in fifth, documenting 106,058 properties with foreclosure filings in 2008. The remaining states in the nation’s top 10 totals for 2008 were Illinois, Texas, Georgia, Nevada and New Jersey.

 

Southern California counties report most total properties with foreclosure filings

Four of the top five counties with the highest number of properties with foreclosure filings in California were found in the southern half of the state during 2008. Los Angeles County led all others by a wide margin, reporting 96,974 properties with foreclosure filings for the year. Riverside County came in a distant second, reporting 61,838 properties with foreclosure filings. Neighboring San Bernardino County registered the third highest total, reporting 50,446 properties with foreclosure filings. Fourth highest total was reported in San Diego County, with 44,931 properties with foreclosure filings. Sacramento County was the only northern county to break into the top five, documenting 32,392 properties with foreclosure filings. The top five accounted for 55 percent of all foreclosed properties reported in the state for the year.

 

Northern California counties post top foreclosure rates

Three northern California counties led the state in foreclosure rate for 2008. Merced County topped the list, with 10.23 percent of its housing units receiving at least one foreclosure filing during the year. San Joaquin County came in second, with 9.46 percent of its housing units receiving at least one foreclosure filing. Third highest was Stanislaus County, where 8.69 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Riverside County (8.44 percent) and San Bernardino County (7.55 percent).

 

State the largest single contributor to nation’s foreclosure total for 2008

California accounted for 22 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

California

523,624

3.97

109.86

 

 

 

 

 

22

Alameda

17,555

3.14

108.37

57

Alpine

6

0.35

500.00

35

Amador

371

2.17

84.58

39

Butte

1,583

1.69

78.07

28

Calaveras

738

2.77

110.86

20

Colusa

251

3.41

118.26

12

Contra Costa

21,242

5.46

93.04

52

Del Norte

84

0.77

75.00

30

El Dorado

2,150

2.63

83.76

15

Fresno

12,571

4.20

102.56

33

Glenn

233

2.21

130.69

53

Humboldt

388

0.66

55.82

14

Imperial

2,335

4.53

157.16

55

Inyo

49

0.54

145.00

8

Kern

16,208

6.17

115.33

26

Kings

1,189

2.90

124.76

19

Lake

1,176

3.41

112.66

45

Lassen

158

1.24

163.33

27

Los Angeles

96,974

2.89

113.43

11

Madera

2,824

5.92

130.15

47

Marin

1,274

1.18

137.69

49

Mariposa

98

1.01

48.48

50

Mendocino

356

0.92

61.82

1

Merced

8,291

10.23

122.22

56

Modoc

19

0.39

58.33

51

Mono

110

0.82

1275.00

13

Monterey

6,420

4.63

154.06

32

Napa

1,246

2.36

103.93

41

Nevada

772

1.57

79.53

24

Orange

31,300

3.06

150.08

18

Placer

5,334

3.75

73.80

46

Plumas

175

1.19

224.07

4

Riverside

61,838

8.44

107.33

9

Sacramento

32,392

5.97

65.44

7

San Benito

1,136

6.37

108.44

5

San Bernardino

50,446

7.55

129.43

17

San Diego

44,931

3.99

122.22

54

San Francisco

2,090

0.59

83.66

2

San Joaquin

21,127

9.46

99.18

40

San Luis Obispo

1,825

1.60

105.98

42

San Mateo

3,804

1.43

122.59

34

Santa Barbara

3,315

2.20

87.61

31

Santa Clara

14,497

2.38

153.36

37

Santa Cruz

2,135

2.09

134.62

36

Shasta

1,632

2.16

77.78

43

Sierra

30

1.32

650.00

48

Siskiyou

241

1.03

117.12

6

Solano

9,722

6.53

87.07

29

Sonoma

5,264

2.69

108.39

3

Stanislaus

14,883

8.69

102.05

16

Sutter

1,372

4.16

80.53

38

Tehama

504

1.95

75.61

58

Trinity

16

0.19

128.57

21

Tulare

4,443

3.36

102.23

44

Tuolumne

397

1.31

81.28

23

Ventura

8,422

3.11

94.28

25

Yolo

2,077

2.94

100.29

10

Yuba

1,605

5.93

88.16

 

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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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