CALIFORNIA FORECLOSURE ACTIVITY UP 41 PERCENT IN AUGUST

Foreclosure Activity Increases 76 Percent From August 2007; Rate Ranks No. 2

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 101,724 California properties in August, an increase of 41 percent from the previous month and 76 percent above the level reported for August 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. This is the 20th straight month California has led the nation in total properties with foreclosure filings. One in every 130 California households received a foreclosure filing during the month, giving it the second highest state foreclosure rate in the nation once again.

 

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.

 

“By itself California accounted for one-third of all foreclosure activity in the nation during August and its foreclosure activity is up significantly from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Two key contributing factors to this phenomenon are unemployment, which is now well over 6 percent and way above the national average, plus home prices, which were down more than 40 percent on a yearly basis in July. These factors alone are enough to take people over the edge who are already teetering on the verge of foreclosure.

 

Total foreclosure activity in the Golden State was more than double the next closest state total in Florida, which reported 44,000 properties with foreclosure filings for the month. Arizona moved up a notch to third place, reporting 14,333 properties with foreclosure filings. Michigan took over fourth place, documenting 13,605 properties with foreclosure filings. Nevada was in fifth place, reporting 11,706 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in August were Ohio, Texas, Illinois, Georgia and New Jersey.

 

Top four counties for foreclosure activity in Southern California

Four Southern California counties topped the foreclosure activity list for August, accounting for 54 percent of all activity in the state. Los Angeles County led the way once again, reporting 19,803 properties with foreclosure filings for the month. Riverside County came in second highest, reporting 11,485 properties with foreclosure filings. Third highest was San Bernardino County once again, reporting 9,651 properties with foreclosure filings. San Diego County remained in fourth place, documenting 8,193 properties with foreclosure filings. Sacramento County stayed in fifth position as the only Northern California county in the state’s top five, reporting 5,971 properties with foreclosure filings during the month.

 

San Joaquin County stays atop foreclosure rate list for August

Once again San Joaquin County posted the top county foreclosure rate in the state, with one in every 50 households receiving a foreclosure filing during the month — 2.6 times the state average and 8.3 times the national average. Second highest rate was reported by Merced County, where one in every 53 households received a foreclosure filing — 2.4 times the state average and 7.8 times the national average. Third highest rate was registered in Stanislaus County, where one in every 60 households received a foreclosure filing — 2.2 times the state average and 6.9 times the national average.

 

State the largest single contributor to nation’s foreclosure total in August

California accounted for 33 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving a foreclosure filing during the month.

 

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 – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

California

44,278

0

24,241

0

33,205

101,724

130

3.21

n/a

 

 

 

 

 

 

 

 

 

Alameda

1,607

0

670

0

1,108

3,385

165

2.51

0.78

Alpine

1

0

0

0

0

1

1,708

0.24

0.08

Amador

26

0

9

0

32

67

255

1.63

0.51

Butte

139

0

48

0

57

244

384

1.08

0.34

Calaveras

31

0

10

0

20

61

437

0.95

0.30

Colusa

20

0

5

0

10

35

210

1.97

0.62

Contra Costa

1,867

0

876

0

1,388

4,131

94

4.41

1.37

Del Norte

9

0

2

0

7

18

609

0.68

0.21

El Dorado

214

0

99

0

118

431

190

2.19

0.68

Fresno

978

0

512

0

813

2,303

130

3.20

1.00

Glenn

23

0

4

0

7

34

311

1.34

0.42

Humboldt

33

0

11

0

17

61

960

0.43

0.13

Imperial

261

0

31

0

183

475

109

3.83

1.19

Inyo

4

0

1

0

0

5

1,815

0.23

0.07

Kern

1,272

0

743

0

1,040

3,055

86

4.84

1.51

Kings

105

0

62

0

70

237

173

2.40

0.75

Lake

82

0

31

0

58

171

202

2.06

0.64

Lassen

13

0

5

0

2

20

636

0.65

0.20

Los Angeles

8,804

0

5,937

0

5,062

19,803

169

2.45

0.76

Madera

194

0

160

0

160

514

93

4.48

1.40

Marin

109

0

51

0

72

232

465

0.89

0.28

Mariposa

12

0

2

0

1

15

646

0.64

0.20

Mendocino

39

0

12

0

19

70

552

0.75

0.23

Merced

552

0

327

0

648

1,527

53

7.83

2.44

Modoc

0

0

0

0

0

0

 

0.00

0.00

Mono

18

0

2

0

8

28

478

0.87

0.27

Monterey

612

0

464

0

524

1,600

87

4.79

1.49

Napa

105

0

20

0

74

199

265

1.57

0.49

Nevada

47

0

5

0

53

105

469

0.89

0.28

Orange

2,667

0

1,585

0

1,514

5,766

177

2.34

0.73

Placer

453

0

273

0

270

996

143

2.91

0.91

Plumas

24

0

12

0

6

42

351

1.18

0.37

Riverside

5,002

0

2,318

0

4,165

11,485

64

6.52

2.03

Sacramento

2,478

0

1,205

0

2,288

5,971

91

4.58

1.43

San Benito

94

0

108

0

47

249

72

5.81

1.81

San Bernardino

4,329

0

2,150

0

3,172

9,651

69

6.00

1.87

San Diego

3,434

0

1,771

0

2,988

8,193

137

3.03

0.94

San Francisco

172

0

132

0

70

374

953

0.44

0.14

San Joaquin

1,758

0

881

0

1,813

4,452

50

8.28

2.58

San Luis Obispo

146

0

68

0

44

258

443

0.94

0.29

San Mateo

367

0

195

0

192

754

353

1.18

0.37

Santa Barbara

245

0

252

0

217

714

211

1.97

0.61

Santa Clara

1,351

0

633

0

984

2,968

205

2.02

0.63

Santa Cruz

199

0

157

0

98

454

226

1.84

0.57

Shasta

134

0

33

0

91

258

293

1.42

0.44

Sierra

2

0

0

0

3

5

454

0.92

0.29

Siskiyou

15

0

0

0

16

31

755

0.55

0.17

Solano

869

0

598

0

837

2,304

65

6.43

2.00

Sonoma

523

0

360

0

526

1,409

139

2.99

0.93

Stanislaus

1,245

0

419

0

1,178

2,842

60

6.90

2.15

Sutter

119

0

19

0

102

240

137

3.03

0.94

Tehama

27

0

6

0

28

61

424

0.98

0.31

Trinity

1

0

1

0

1

3

2,750

0.15

0.05

Tulare

358

0

365

0

242

965

137

3.03

0.95

Tuolumne

19

0

5

0

6

30

1,007

0.41

0.13

Ventura

774

0

513

0

511

1,798

151

2.76

0.86

Yolo

164

0

39

0

125

328

215

1.93

0.60

Yuba

132

0

44

0

120

296

91

4.54

1.42

 

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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