CALIFORNIA FORECLOSURE ACTIVITY UP 33 PERCENT IN DECEMBER

Activity Up 322 Percent From December 2006; Foreclosure Rate Ranked No. 2

 

IRVINE, Calif. – Jan. 25, 2008 – California ended 2007 as it began, leading the nation with the highest foreclosure total, reporting 53,292 foreclosure filings in December. The nation’s top state for the entire year, activity surged 33 percent from the previous month and more than quadrupled from December 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 244 households was 2.4 times the national average and ranked second highest among the 50 states.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million 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.

 

“Foreclosure activity in California for December was the second highest monthly total reported for the year, taking the level of activity to more than four times what it was just a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Key among the factors responsible for this are unemployment which is currently above the national average, depreciating home values, and increased bankruptcy filings, all of which are contributing to the escalating level of foreclosure activity we’re seeing.

 

Although foreclosure activity in The Golden State declined every month since August until this surge in December, total foreclosure filings in the state have continued to outdistance all other states by a wide margin. Second place Florida reported 22,000 fewer foreclosure filings than California for the month. Texas narrowly took third place over fourth place Ohio, both of which reported more than 41,000 fewer filings than California. Michigan came in fifth with approximately 41,600 fewer filings in December. The remaining states in the nation’s top 10 for total foreclosure filings in December were Nevada, Illinois, Georgia, Arizona and Colorado.

 

Top four counties for total foreclosures in Southern California

The top four counties with the highest total foreclosure filings in the state for December were in Southern California, accounting for 48 percent of the state total. Los Angeles County led all counties by a wide margin, reporting 9,575 foreclosure filings for the month. Riverside County reported the second highest total with 6,821 foreclosure filings. San Bernardino County came in third with 4,773 foreclosure filings followed by San Diego County close by with 4,509 filings. Sacramento County was the only Northern California county in the state’s top five, reporting 3,922 filings entering some stage of the foreclosure pipeline.

 

San Joaquin, Merced counties post top state’s foreclosure rates

San Joaquin and Merced counties led the state with the highest foreclosure rates for December.  San Joaquin County reported a foreclosure rate of one foreclosure filing for every 83 households — 2.9 times the state average and 6.9 times the national average. Merced followed closely behind in second place with a rate of one foreclosure filing for every 96 households — 2.6 times the state average and six times the national average. Third highest rate was in Riverside County with one foreclosure filing for every 103 households — 2.4 times the state average and 5.6 times the national average. Stanislaus County came in fourth with a rate of one foreclosure filing for every 111 households followed by Sacramento County with a rate of one foreclosure filing for every 135 households.

 

State the largest major contributor to nation’s total in December

Total filings in California accounted for 25 percent of the 215,749 foreclosure filings reported nationwide in December. The national total represents a 7 percent increase from the previous month, and is 97 percent above the total reported for December 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 577 U.S. households for 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 – December 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,182

54,280

18,488

47,945

48,854

215,749

577

n/a

n/a

California

30,598

10,903

0

0

11,791

53,292

244

2.37

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

1,103

441

0

0

406

1,950

285

2.02

0.85

Alpine

0

0

0

0

0

0

n/a

0.00

0.00

Amador

18

6

0

0

1

25

669

0.86

0.36

Butte

123

16

0

0

16

155

595

0.97

0.41

Calaveras

32

1

0

0

12

45

575

1.00

0.42

Colusa

12

2

0

0

0

14

518

1.11

0.47

Contra Costa

1,267

390

0

0

645

2,302

167

3.47

1.46

Del Norte

3

3

0

0

1

7

1,553

0.37

0.16

El Dorado

157

54

0

0

53

264

304

1.90

0.80

Fresno

838

383

0

0

230

1,451

202

2.86

1.21

Glenn

8

3

0

0

2

13

798

0.72

0.31

Humboldt

22

8

0

0

5

35

1,662

0.35

0.15

Imperial

94

33

0

0

30

157

315

1.83

0.77

Inyo

1

0

0

0

0

1

9,071

0.06

0.03

Kern

948

402

0

0

283

1,633

156

3.71

1.57

Kings

78

27

0

0

19

124

323

1.79

0.76

Lake

20

17

0

0

3

40

851

0.68

0.29

Lassen

5

1

0

0

1

7

1,797

0.32

0.14

Los Angeles

5,336

2,218

0

0

2,021

9,575

349

1.65

0.70

Madera

158

33

0

0

20

211

216

2.68

1.13

Marin

90

45

0

0

13

148

726

0.80

0.34

Mariposa

7

0

0

0

1

8

1,185

0.49

0.21

Mendocino

21

6

0

0

2

29

1,325

0.44

0.18

Merced

468

102

0

0

242

812

96

6.04

2.55

Modoc

0

0

0

0

0

0

 n/a

0.00

0.00

Mono

1

0

0

0

0

1

12,860

0.04

0.02

Monterey

419

51

0

0

39

509

270

2.14

0.90

Napa

57

7

0

0

4

68

767

0.75

0.32

Nevada

54

7

0

0

9

70

693

0.83

0.35

Orange

1,829

617

0

0

500

2,946

345

1.67

0.71

Placer

318

109

0

0

129

556

247

2.34

0.99

Plumas

4

2

0

0

1

7

2,062

0.28

0.12

Riverside

3,537

1,301

0

0

1,983

6,821

103

5.63

2.38

Sacramento

2,085

708

0

0

1,129

3,922

135

4.29

1.81

San Benito

80

7

0

0

5

92

193

3.00

1.27

San Bernardino

2,618

927

0

0

1,228

4,773

137

4.22

1.78

San Diego

2,507

1,111

0

0

891

4,509

247

2.34

0.99

San Francisco

154

51

0

0

18

223

1,592

0.36

0.15

San Joaquin

1,415

537

0

0

668

2,620

83

6.94

2.93

San Luis Obispo

109

25

0

0

11

145

773

0.75

0.32

San Mateo

219

109

0

0

60

388

686

0.84

0.36

Santa Barbara

240

42

0

0

35

317

473

1.22

0.51

Santa Clara

860

308

0

0

249

1,417

427

1.35

0.57

Santa Cruz

129

13

0

0

10

152

669

0.86

0.36

Shasta

98

17

0

0

14

129

575

1.00

0.42

Sierra

0

0

0

0

0

0

 n/a

0.00

0.00

Siskiyou

14

4

0

0

0

18

1,276

0.45

0.19

Solano

625

197

0

0

225

1,047

140

4.12

1.74

Sonoma

391

66

0

0

33

490

395

1.46

0.62

Stanislaus

890

254

0

0

365

1,509

111

5.21

2.20

Sutter

100

12

0

0

13

125

254

2.27

0.96

Tehama

32

6

0

0

2

40

630

0.92

0.39

Trinity

2

0

0

0

0

2

4,096

0.14

0.06

Tulare

241

50

0

0

31

322

401

1.44

0.61

Tuolumne

29

2

0

0

6

37

807

0.72

0.30

Ventura

497

97

0

0

93

687

388

1.49

0.63

Yolo

137

38

0

0

23

198

349

1.65

0.70

Yuba

98

37

0

0

11

146

174

3.31

1.40

 

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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