CALIFORNIA FORECLOSURE ACTIVITY UP 6 PERCENT IN NOVEMBER

Filings Statewide Increase 51 Percent From November 2007; Rate Ranks No. 4

 

IRVINE, Calif. – Dec. 29, 2008 – Total foreclosure filings in California bounced higher after two months of decline, increasing 6 percent in November to 60,491 properties with foreclosure filings, 51 percent ahead of the level reported in November 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 218 California housing units received a foreclosure filing during the month, the fourth 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.

 

“For the first time since September, when California enacted new legislation that prolongs the initiation of the foreclosure process, total foreclosure filings did not decrease on a monthly basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “And foreclosure activity continues to register significantly ahead of year-ago levels. Rising unemployment is a major issue around the state as is continued declines in home prices. Even with home sales showing some signs of life in certain areas of the state, these sales are nothing more than a burn off of the current foreclosure inventory selling at greatly reduced prices.

 

The Golden State continued to lead the country by a substantial margin in terms of raw numbers of properties receiving a foreclosure filing, far surpassing second place Florida, which reported 49,190 properties with foreclosure filings for the month. Michigan climbed from seventh to third highest, reporting 14,594 properties with foreclosure filings for the month. Nevada remained at fourth highest, documenting 13,962 properties with foreclosure filings. Arizona fell from third to fifth highest, reporting 13,136 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in November were Ohio, Georgia, Illinois, Texas and Virginia.

 

Four southern counties lead state in foreclosure activity for November

The state’s top four counties for total number of properties with foreclosure filings were in the southern half of the state in November, accounting for 48 percent of the activity in the state during the month. Leading the way again was Los Angeles County, reporting 11,247 properties with foreclosure filings. Second highest total was in Riverside County, reporting 6,833 properties with foreclosure filings. San Bernardino County was close behind in third place, reporting 6,298 properties with foreclosure filings. San Diego County remained in fourth place, documenting 4,793 properties with foreclosure filings. Once again Sacramento County was the only northern county in the state’s top five, reporting 3,757 properties with foreclosure filings.

 

The seven-county Southern California region (including Santa Barbara and Ventura counties) accounted for 55 percent of all foreclosure activity in the state for the month.

 

State’s highest foreclosure rates found in northern counties for November

The four leading county foreclosure rates in California were found in the northern half of the state in November. With one in every 76 housing units receiving a foreclosure filing — 2.9 times the state average and 6.4 times the national average — Merced County reported the highest rate in the state for the month. Second highest rate was reported in Stanislaus County, where one in every 93 housing units received a foreclosure filing — 2.4 times the state average and 5.3 times the national average. Third highest rate was documented in San Joaquin County, where one in every 94 housing units received a foreclosure filing during the month — 2.3 times the state average and 5.2 times the national average.

 

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

California accounted for 23 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 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 – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

California

19,030

0

24,056

0

17,405

60,491

218

2.24

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

698

0

726

0

645

2,069

271

1.80

0.81

Alpine

0

0

0

0

0

0

n/a

0.00

0.00

Amador

17

0

16

0

14

47

364

1.34

0.60

Butte

92

0

138

0

97

327

287

1.70

0.76

Calaveras

3

0

12

0

40

55

485

1.00

0.45

Colusa

2

0

0

0

9

11

670

0.73

0.33

Contra Costa

686

0

1,010

0

652

2,348

166

2.94

1.31

Del Norte

5

0

4

0

2

11

997

0.49

0.22

El Dorado

117

0

111

0

80

308

265

1.84

0.82

Fresno

475

0

561

0

414

1,450

207

2.36

1.05

Glenn

5

0

7

0

8

20

528

0.92

0.41

Humboldt

18

0

17

0

6

41

1,428

0.34

0.15

Imperial

43

0

71

0

34

148

349

1.40

0.62

Inyo

2

0

4

0

2

8

1,135

0.43

0.19

Kern

610

0

833

0

598

2,041

129

3.79

1.69

Kings

38

0

121

0

21

180

228

2.14

0.95

Lake

46

0

54

0

78

178

194

2.51

1.12

Lassen

5

0

9

0

2

16

795

0.61

0.27

Los Angeles

3,806

0

4,174

0

3,267

11,247

298

1.63

0.73

Madera

120

0

171

0

173

464

103

4.75

2.12

Marin

44

0

52

0

27

123

878

0.56

0.25

Mariposa

0

0

0

0

1

1

9,684

0.05

0.02

Mendocino

13

0

15

0

10

38

1,018

0.48

0.21

Merced

293

0

444

0

328

1,065

76

6.41

2.86

Modoc

3

0

0

0

1

4

1,207

0.40

0.18

Mono

2

0

2

0

0

4

3,344

0.15

0.07

Monterey

212

0

378

0

246

836

166

2.94

1.31

Napa

45

0

76

0

55

176

300

1.63

0.73

Nevada

47

0

43

0

25

115

428

1.14

0.51

Orange

869

0

1,223

0

735

2,827

362

1.35

0.60

Placer

225

0

229

0

181

635

224

2.18

0.97

Plumas

1

0

5

0

9

15

983

0.50

0.22

Riverside

2,092

0

2,684

0

2,057

6,833

107

4.55

2.03

Sacramento

1,050

0

1,532

0

1,175

3,757

144

3.38

1.51

San Benito

45

0

52

0

54

151

118

4.13

1.85

San Bernardino

2,207

0

2,353

0

1,738

6,298

106

4.59

2.05

San Diego

1,590

0

1,937

0

1,266

4,793

235

2.08

0.93

San Francisco

74

0

89

0

43

206

1,730

0.28

0.13

San Joaquin

621

0

1,039

0

727

2,387

94

5.21

2.33

San Luis Obispo

110

0

86

0

99

295

387

1.26

0.56

San Mateo

143

0

207

0

91

441

604

0.81

0.36

Santa Barbara

101

0

136

0

110

347

435

1.12

0.50

Santa Clara

506

0

748

0

471

1,725

353

1.38

0.62

Santa Cruz

90

0

123

0

76

289

354

1.38

0.61

Shasta

52

0

87

0

49

188

403

1.21

0.54

Sierra

0

0

0

0

1

1

2,270

0.21

0.10

Siskiyou

9

0

11

0

12

32

731

0.67

0.30

Solano

277

0

525

0

314

1,116

133

3.66

1.63

Sonoma

241

0

295

0

202

738

265

1.84

0.82

Stanislaus

532

0

728

0

586

1,846

93

5.25

2.35

Sutter

43

0

71

0

46

160

206

2.37

1.06

Tehama

0

0

2

0

2

4

6,466

0.08

0.03

Trinity

2

0

3

0

0

5

1,650

0.30

0.13

Tulare

212

0

229

0

169

610

217

2.25

1.00

Tuolumne

24

0

26

0

24

74

408

1.19

0.53

Ventura

318

0

401

0

266

985

275

1.77

0.79

Yolo

91

0

104

0

63

258

274

1.78

0.80

Yuba

58

0

82

0

4

144

188

2.59

1.16

 

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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