CALIFORNIA FORECLOSURE ACTIVITY UP 48 PERCENT IN AUGUST

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity More Than Quadruples From August 2006; State Posts Second Highest Rate in Nation

 

IRVINE, Calif. – Sept. 21, 2007 – For the eighth consecutive month California led the nation in foreclosure activity, reporting 57,875 foreclosure filings in August, a 48 percent increase from the previous month and more than four times the number reported in August 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one foreclosure filing for every 224 households — 2.3 times the national average — the state’s foreclosure rate ranked second highest in the nation.

 

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.

 

“This is the third major spike in California’s foreclosure activity we have seen so far this year, bringing the state’s total to 364 percent above the level reported just a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Many factors are contributing to this phenomenon including falling home sales numbers, home prices that have turned negative statewide and a larger inventory of unsold housing.

 

The Golden State far outdistanced second place Florida, which reported 33,932 foreclosure filings for August. Ohio reported the third highest foreclosure total for the month with 17,793 filings. Texas came in fourth, with 16,970 foreclosure filings, while Michigan rounded out the nation’s top five, reporting 15,565 filings in some stage of the foreclosure pipeline. The remaining states in the nation’s top 10 for total foreclosure filings in August were Georgia, Arizona, Colorado, Illinois and Nevada.

 

Five counties account for more than half of state’s foreclosure total

Five California counties accounted for 59 percent of all activity in the state for August. Los Angeles County reported the highest county total in the state, with 11,876 foreclosure filings for the month. Riverside County came in second, with 7,266 foreclosure filings. Sacramento County reported the third highest total, with 5,284 foreclosure filings. Fourth highest county total was reported in San Bernardino County, with 4,876 filings, followed closely by San Diego County, with 4,845 filings entering some stage of the foreclosure pipeline.

 

Northern California counties dominate highest foreclosure rates

Four out of the five top counties with the highest foreclosure rates in the state were in the northern half of the state in August. Leading the pack was Stanislaus County, with a rate of one foreclosure filing for every 79 households — 2.9 times the state average and 6.5 times the national average. San Joaquin County posted the second highest rate, one foreclosure filing for every 81 households — 2.8 times the state average and 6.3 times the national average. Merced County had the third highest rate for the month, one foreclosure filing for every 82 households — 2.7 times the state average and 6.2 times the national average. The fourth highest rate was posted by Riverside County, with one foreclosure filing for every 96 households, followed by Sacramento County, which posted a rate of one foreclosure filing for every 100 households.

 

State a major contributor to national total

California accounted for 24 percent of the 243,947 foreclosure filings nationwide in August. The national total represents a 36 percent increase from the previous month and is up 115 percent from August 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 510 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 – August 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,388

67,632

24,810

52,328

42,789

243,947

510

n/a

n/a

California

41,714

7,590

0

0

8,571

57,875

224

2.27

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

1,451

207

0

0

166

1,824

305

1.67

0.74

Amador

21

4

0

0

2

27

620

0.82

0.36

Butte

90

7

0

0

11

108

854

0.60

0.26

Calaveras

29

3

0

0

13

45

575

0.89

0.39

Colusa

12

1

0

0

1

14

518

0.99

0.43

Contra Costa

1,712

699

0

0

574

2,985

128

3.97

1.75

Del Norte

7

0

0

0

1

8

1,359

0.38

0.17

El Dorado

211

91

0

0

74

376

214

2.39

1.05

Fresno

835

198

0

0

127

1,160

252

2.02

0.89

Glenn

3

0

0

0

0

3

3,457

0.15

0.06

Humboldt

17

2

0

0

0

19

3,061

0.17

0.07

Imperial

145

23

0

0

8

176

281

1.82

0.80

Inyo

0

0

0

0

0

0

n/a

0.00

0.00

Kern

938

413

0

0

160

1,511

168

3.03

1.33

Kings

36

5

0

0

6

47

852

0.60

0.26

Lake

0

4

0

0

3

7

4,862

0.10

0.05

Lassen

6

1

0

0

0

7

1,797

0.28

0.12

Los Angeles

8,759

1,650

0

0

1,467

11,876

281

1.82

0.80

Madera

106

16

0

0

10

132

345

1.48

0.65

Marin

49

8

0

0

5

62

1,733

0.29

0.13

Mariposa

11

0

0

0

1

12

790

0.65

0.28

Mendocino

22

5

0

0

2

29

1,325

0.39

0.17

Merced

667

94

0

0

184

945

82

6.22

2.73

Mono

0

0

0

0

0

0

n/a

0.00

0.00

Monterey

226

20

0

0

31

277

497

1.03

0.45

Napa

64

8

0

0

4

76

686

0.74

0.33

Nevada

46

8

0

0

10

64

758

0.67

0.30

Orange

2,368

318

0

0

148

2,834

359

1.42

0.63

Placer

444

92

0

0

348

884

155

3.29

1.45

Plumas

4

0

0

0

0

4

3,608

0.14

0.06

Riverside

5,082

986

0

0

1,198

7,266

96

5.30

2.33

Sacramento

3,538

562

0

0

1,184

5,284

100

5.11

2.25

San Benito

65

12

0

0

4

81

219

2.33

1.03

San Bernardino

3,667

501

0

0

708

4,876

134

3.81

1.68

San Diego

3,818

423

0

0

604

4,845

230

2.22

0.98

San Francisco

84

7

0

0

12

103

3,446

0.15

0.07

San Joaquin

1,953

250

0

0

483

2,686

81

6.29

2.77

San Luis obispo

68

13

0

0

10

91

1,232

0.41

0.18

San Mateo

182

21

0

0

16

219

1,215

0.42

0.18

Santa Barbara

187

19

0

0

26

232

647

0.79

0.35

Santa Clara

821

127

0

0

139

1,087

557

0.92

0.40

Santa Cruz

96

7

0

0

5

108

942

0.54

0.24

Shasta

85

8

0

0

7

100

742

0.69

0.30

Sierra

1

0

0

0

0

1

2,268

0.23

0.10

Siskiyou

6

2

0

0

2

10

2,298

0.22

0.10

Solano

985

166

0

0

232

1,383

106

4.81

2.12

Sonoma

357

37

0

0

42

436

443

1.15

0.51

Stanislaus

1,388

329

0

0

407

2,124

79

6.49

2.85

Sutter

86

13

0

0

9

108

294

1.74

0.76

Tehama

69

8

0

0

5

82

308

1.66

0.73

Trinity

1

0

0

0

0

1

8,192

0.06

0.03

Tulare

282

110

0

0

41

433

298

1.71

0.75

Tuolumne

27

1

0

0

4

32

933

0.55

0.24

Ventura

432

72

0

0

38

542

492

1.04

0.46

Yolo

85

13

0

0

14

112

617

0.83

0.36

Yuba

70

26

0

0

25

121

210

2.43

1.07

 

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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