CALIFORNIA FORECLOSURE ACTIVITY UP 5 PERCENT IN JULY

Foreclosure Activity Increases 85 Percent From July 2007; Rate Ranks No. 2

 

IRVINE, Calif. – Aug. 29, 2008 – California reported 72,285 properties with foreclosure filings in July, a 5 percent increase from the previous month and 85 percent ahead of the level reported for July 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. For the 19th straight month California lead the nation in total properties with foreclosure filings. One in every 182 California households received a foreclosure filing during the month, giving it the second 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.

 

California foreclosure activity was close to double the total activity reported a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “A number of factors are playing into this scenario, including unemployment that continues at a level above the national average, and home price depreciation that remains at double-digit levels on a yearly basis. Although home sales have increased recently, the California Association of Realtors admits that many of them are sales of foreclosed properties at significant discounts.

 

Leading the nation once again by a significant margin, the Golden State’s total was well ahead of the 45,884 properties with foreclosure filings reported by second place Florida. Ohio remained in third place for the second month in a row, reporting 13,457 properties with foreclosure filings. Arizona narrowly stayed in fourth place, reporting 13,350 properties with foreclosure filings for the month. Michigan kept its position in fifth place, reporting 11,591 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in July were Texas, Georgia, Nevada, Illinois and New York.

 

Southern California dominates state’s foreclosure activity for July

Six Southern California counties accounted for 60 percent of all foreclosure activity in the state for July. Los Angeles County stayed atop the list, reporting 13,252 properties with foreclosure filings for the month. Riverside County documented the state’s second highest total, reporting 8,272 properties with foreclosure filings. Third highest was San Bernardino County, reporting 7,192 properties with foreclosure filings. San Diego County remained in fourth place, documenting 6,074 properties with foreclosure filings. Coming in at fifth highest again was Sacramento County, the only Northern California county in the state’s top five, reporting 4,374 properties with filings. Orange County came in a close sixth, reporting 4,325 properties with foreclosure filings in July.

 

State’s top three foreclosure rates for July in Northern California

The top three county foreclosure rates in the state were found in Northern California for July. Topping the list was Merced County, where one in every 73 households received a foreclosure filing during the month — 2.5 times the state average and 6.4 times the national average. Second highest rate was tallied in San Joaquin County, where one in every 82 households received a foreclosure filing — 2.2 times the state average and 5.6 times the national average. Stanislaus County’s foreclosure rate was slightly lower than the rate in San Joaquin County, although it registered an identical ratio of households with foreclosure filings to total households — one in every 82.

 

State the largest single factor in nation’s foreclosure total in July

California accounted for 27 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents an increase of almost 8 percent from the previous month and is 55 percent ahead of the total reported for July 2007. One in every 464 U.S. households 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 – July 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

n/a

n/a

California

36,373

0

12,506

0

23,406

72,285

182

2.55

n/a

 

 

 

 

 

 

 

 

 

Alameda

1,329

0

471

0

949

2,749

204

2.28

0.90

Alpine

0

0

0

0

0

0

n/a

0.00

0.00

Amador

28

0

5

0

3

36

475

0.98

0.38

Butte

75

0

18

0

10

103

910

0.51

0.20

Calaveras

102

0

34

0

21

157

170

2.73

1.07

Colusa

16

0

3

0

14

33

223

2.08

0.82

Contra Costa

1,434

0

344

0

780

2,558

152

3.05

1.20

Del Norte

11

0

2

0

3

16

685

0.68

0.27

El Dorado

132

0

40

0

63

235

348

1.33

0.52

Fresno

1,017

0

253

0

603

1,873

160

2.90

1.14

Glenn

10

0

6

0

7

23

459

1.01

0.40

Humboldt

24

0

6

0

6

36

1,627

0.29

0.11

Imperial

243

0

66

0

82

391

132

3.52

1.38

Inyo

1

0

0

0

0

1

9,077

0.05

0.02

Kern

1,116

0

628

0

746

2,490

105

4.40

1.73

Kings

54

0

25

0

27

106

387

1.20

0.47

Lake

59

0

16

0

15

90

384

1.21

0.48

Lassen

9

0

1

0

0

10

1,272

0.37

0.14

Los Angeles

6,834

0

2,995

0

3,423

13,252

253

1.83

0.72

Madera

234

0

120

0

134

488

98

4.75

1.87

Marin

114

0

39

0

51

204

529

0.88

0.34

Mariposa

6

0

1

0

1

8

1,211

0.38

0.15

Mendocino

23

0

6

0

7

36

1,074

0.43

0.17

Merced

520

0

159

0

436

1,115

73

6.38

2.51

Modoc

0

0

2

0

0

2

2,414

0.19

0.08

Mono

2

0

5

0

3

10

1,338

0.35

0.14

Monterey

494

0

372

0

82

948

146

3.17

1.25

Napa

115

0

18

0

37

170

310

1.50

0.59

Nevada

71

0

15

0

16

102

483

0.96

0.38

Orange

1,983

0

812

0

1,530

4,325

237

1.96

0.77

Placer

329

0

78

0

274

681

209

2.22

0.87

Plumas

6

0

3

0

5

14

1,053

0.44

0.17

Riverside

3,946

0

986

0

3,340

8,272

89

5.24

2.06

Sacramento

2,253

0

482

0

1,639

4,374

124

3.74

1.47

San Benito

89

0

28

0

37

154

116

4.01

1.57

San Bernardino

3,542

0

1,072

0

2,578

7,192

93

4.99

1.96

San Diego

2,968

0

859

0

2,247

6,074

185

2.50

0.98

San Francisco

148

0

82

0

53

283

1,260

0.37

0.14

San Joaquin

1,286

0

476

0

952

2,714

82

5.64

2.21

San Luis Obispo

142

0

24

0

34

200

571

0.81

0.32

San Mateo

363

0

206

0

185

754

353

1.31

0.52

Santa Barbara

283

0

166

0

209

658

229

2.02

0.79

Santa Clara

1,053

0

477

0

513

2,043

298

1.56

0.61

Santa Cruz

169

0

116

0

24

309

331

1.40

0.55

Shasta

128

0

24

0

74

226

335

1.39

0.54

Sierra

1

0

1

0

0

2

1,135

0.41

0.16

Siskiyou

16

0

7

0

5

28

836

0.56

0.22

Solano

703

0

233

0

384

1,320

113

4.12

1.62

Sonoma

413

0

86

0

89

588

333

1.39

0.55

Stanislaus

1,000

0

126

0

954

2,080

82

5.64

2.21

Sutter

103

0

16

0

35

154

214

2.17

0.85

Tehama

54

0

16

0

30

100

259

1.79

0.70

Trinity

1

0

0

0

0

1

8,251

0.06

0.02

Tulare

355

0

74

0

139

568

233

1.99

0.78

Tuolumne

64

0

15

0

10

89

339

1.37

0.54

Ventura

631

0

320

0

479

1,430

189

2.45

0.96

Yolo

164

0

29

0

48

241

293

1.58

0.62

Yuba

107

0

42

0

20

169

160

2.90

1.14

 

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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