CALIFORNIA FORECLOSURE ACTIVITY UP 5 PERCENT IN FEBRUARY

Activity Increases 51 Percent From February 2008

Foreclosure Rate Ranks No. 3 Among the States

 

IRVINE, Calif. – March 27, 2009 – California reported 80,775 properties with foreclosure filings in February, a 5 percent increase from the previous month and 51 percent above the level reported for February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 165 California housing units received a foreclosure filing during the month, the third highest state foreclosure rate in the nation.

 

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.

 

“February was the third highest level of foreclosure activity reported for California since RealtyTrac began keeping records back in January 2005,” said James J. Saccacio, chief executive officer of RealtyTrac. “This is not surprising considering the rough year the state had from an economic perspective in 2008, between unemployment rising 2.5 percent, lackluster home sales activity for most of the year and double-digit monthly declines in home values on an annualized basis.”

 

The national leader in total properties with foreclosure filings for the 26th consecutive month, the Golden State’s total was well above second-ranked Florida, which reported 46,391 properties with foreclosure filings in February. Arizona reported 18,119 properties with foreclosure filings, the nation’s third highest state total. Next was Nevada, which reported 15,783 properties with foreclosure filings, followed by Illinois, which reported 14,218 properties with foreclosure filings for the month. The remaining states in the nation’s top 10 for total properties with foreclosure filings in February were Michigan, Ohio, Texas, Georgia and Virginia.

 

Four of top five counties for foreclosure activity in Southern California

Four Southern California counties accounted for 56 percent of all foreclosure activity in the state during February. Los Angeles County led the way once again, reporting 16,125 properties with foreclosure filings for the month. Riverside County was second highest, reporting 9,783 properties with foreclosure filings. Third highest was San Bernardino County, reporting 8,257 properties with foreclosure filings. San Diego County continued in fourth place, documenting 6,089 properties with foreclosure filings. Fifth highest total was tallied in Sacramento County, where 4,727 properties with foreclosure filings were reported.

 

State’s top 3 county foreclosure rates in Northern California

Northern California counties posted the three top county foreclosure rates in the state. With one in every 67 housing units receiving a foreclosure filing — 2.5 times the state average and 6.6 times the national average — San Joaquin County reported the highest county foreclosure rate in the state for February. Stanislaus County came in a close second, with one in every 68 housing units receiving a foreclosure filing — 2.4 times the state average and 6.4 times the national average. Third highest rate was documented in Merced County, where one in every 74 housing units received a foreclosure filing during the month — 2.2 times the state average and six times the national average.

 

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

California accounted for 28 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 U.S. housing units received 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 – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

California

43,072

0

18,831

0

18,872

80,775

165

2.67

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

1,506

0

576

0

504

2,586

218

2.02

0.75

Alpine

0

0

0

0

0

0

n/a

0.00

0.00

Amador

25

0

22

0

18

65

266

1.65

0.62

Butte

151

0

70

0

31

252

376

1.17

0.44

Calaveras

68

0

31

0

38

137

198

2.22

0.83

Colusa

16

0

14

0

6

36

207

2.13

0.80

Contra Costa

1,447

0

679

0

674

2,800

140

3.14

1.17

Del Norte

7

0

4

0

4

15

732

0.60

0.23

El Dorado

280

0

82

0

92

454

182

2.42

0.91

Fresno

1,103

0

513

0

351

1,967

155

2.84

1.07

Glenn

11

0

7

0

4

22

487

0.90

0.34

Humboldt

50

0

12

0

17

79

746

0.59

0.22

Imperial

175

0

93

0

119

387

139

3.17

1.19

Inyo

9

0

2

0

1

12

756

0.58

0.22

Kern

1,787

0

731

0

657

3,175

85

5.19

1.94

Kings

106

0

41

0

40

187

224

1.97

0.74

Lake

138

0

104

0

38

280

125

3.52

1.32

Lassen

3

0

0

0

0

3

4,271

0.10

0.04

Los Angeles

8,429

0

3,542

0

4,154

16,125

209

2.10

0.79

Madera

275

0

132

0

190

597

82

5.37

2.01

Marin

115

0

45

0

34

194

558

0.79

0.30

Mariposa

11

0

6

0

6

23

426

1.03

0.39

Mendocino

34

0

17

0

14

65

598

0.74

0.28

Merced

477

0

359

0

289

1,125

74

5.96

2.23

Modoc

2

0

2

0

0

4

1,209

0.36

0.14

Mono

16

0

5

0

0

21

643

0.68

0.26

Monterey

390

0

246

0

161

797

175

2.52

0.94

Napa

120

0

40

0

33

193

275

1.60

0.60

Nevada

72

0

38

0

22

132

377

1.17

0.44

Orange

1,938

0

793

0

1,046

3,777

273

1.61

0.60

Placer

421

0

177

0

126

724

200

2.20

0.82

Plumas

5

0

2

0

7

14

1,066

0.41

0.15

Riverside

5,059

0

2,234

0

2,490

9,783

77

5.70

2.13

Sacramento

2,366

0

1,227

0

1,134

4,727

116

3.80

1.42

San Benito

81

0

39

0

30

150

119

3.70

1.39

San Bernardino

4,445

0

1,749

0

2,063

8,257

82

5.34

2.00

San Diego

3,267

0

1,473

0

1,349

6,089

186

2.36

0.89

San Francisco

214

0

48

0

43

305

1,173

0.38

0.14

San Joaquin

1,888

0

826

0

662

3,376

67

6.56

2.45

San Luis Obispo

158

0

85

0

109

352

329

1.34

0.50

San Mateo

356

0

118

0

98

572

466

0.94

0.35

Santa Barbara

276

0

99

0

111

486

311

1.41

0.53

Santa Clara

1,117

0

505

0

287

1,909

322

1.37

0.51

Santa Cruz

181

0

80

0

65

326

316

1.39

0.52

Shasta

173

0

74

0

56

303

252

1.74

0.65

Sierra

1

0

0

0

0

1

2,279

0.19

0.07

Siskiyou

12

0

9

0

7

28

840

0.52

0.20

Solano

720

0

342

0

287

1,349

111

3.96

1.48

Sonoma

397

0

193

0

153

743

266

1.66

0.62

Stanislaus

1,308

0

569

0

664

2,541

68

6.44

2.41

Sutter

124

0

47

0

37

208

160

2.75

1.03

Tehama

67

0

25

0

3

95

277

1.59

0.59

Trinity

4

0

1

0

0

5

1,659

0.27

0.10

Tulare

473

0

206

0

215

894

152

2.90

1.09

Tuolumne

36

0

23

0

11

70

434

1.01

0.38

Ventura

826

0

309

0

237

1,372

199

2.22

0.83

Yolo

191

0

84

0

82

357

201

2.19

0.82

Yuba

145

0

81

0

3

229

122

3.60

1.35

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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