CALIFORNIA FORECLOSURE ACTIVITY UP 7 PERCENT IN JANUARY

Activity Up 120 Percent From January 2007; Foreclosure Rate Ranks No. 2

 

IRVINE, Calif. – Feb. 26, 2008 – California continued to lead the nation in foreclosure activity during January 2008, reporting 57,158 foreclosure filings, up 7 percent from the previous month and 120 percent ahead of January 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 227 households was 2.4 times the national average, ranking it second highest among the 50 states.

 

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.

 

“With the largest population and the most households of any state in the country, it is not surprising that California continued to lead the nation in foreclosure activity for January as it did for all of 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment has been above the national average, home sales numbers are way down and home prices are depreciating, all contributing to the rise we’re seeing in foreclosure activity.

 

The Golden State leads the state with the next highest foreclosure total, Florida, by a large margin — 57,158 foreclosure filings to 30,178 filings respectively. Texas remained a distant third with 14,698 foreclosure filings, followed by Ohio in fourth place with 12,785 filings for the month. Michigan and Georgia ran neck and neck with 10,746 foreclosure filings in Michigan and 10,665 filings in Georgia. The remaining states in the nation’s top 10 for total foreclosure filings in January were Arizona, Massachusetts, Illinois and Colorado.

 

Los Angeles County tops in foreclosure filings for the month

Once again Los Angeles County led the state in total foreclosure filings for the month, reporting 11,839 filings in January. Riverside County came in second, reporting 7,549 foreclosure filings. San Bernardino County had the third highest total, with 5,895 foreclosure filings, followed by San Diego County, in fourth place with 5,428 filings for the month. Sacramento County was the only Northern California county in the top five in January, reporting 3,567 filings entering some stage of the foreclosure pipeline. The top five counties accounted for 60 percent of all foreclosure activity in the state for the month.

 

Riverside, San Joaquin counties posts highest foreclosure rates in January

Riverside and San Joaquin counties posted the highest foreclosure rates in the state for January. With one foreclosure filing for every 93 households — 2.5 times the state average and 5.8 times the national average, Riverside County led all counties. San Joaquin wasn’t far behind, with a rate of one foreclosure filing for every 97 households — 2.4 times the state average and 5.5 times the national average. Third highest rate was reported in Stanislaus County, one foreclosure filing for every 101 households — 2.3 times the state average and 5.3 times the national average. San Bernardino County came in fourth with a rate of one foreclosure filing for every 111 households, followed by Merced County, in fifth place with a rate of one foreclosure filing for every 117 households.

 

State the largest major contributor to nation’s total in January

Total filings in California accounted for nearly 25 percent of the 223,001 foreclosure filings reported nationwide in January. The national total represents an 8 percent increase from the previous month, and is 57 percent above the total reported for January 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 534 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 – January 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

52,321

60,101

19,662

55,590

45,327

233,001

534

n/a

n/a

California

38,148

8,482

0

0

10,528

57,158

227

2.35

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

1,162

293

0

0

401

1,856

300

1.78

0.76

Alpine

0

0

0

0

0

0

 

0.00

0.00

Amador

19

6

0

0

2

27

620

0.86

0.37

Butte

47

11

0

0

4

62

1,487

0.36

0.15

Calaveras

29

1

0

0

8

38

681

0.79

0.33

Colusa

11

3

0

0

1

15

483

1.11

0.47

Contra Costa

1,497

256

0

0

539

2,292

167

3.20

1.36

Del Norte

1

1

0

0

0

2

5,435

0.10

0.04

El Dorado

158

26

0

0

27

211

380

1.40

0.60

Fresno

797

271

0

0

204

1,272

230

2.32

0.99

Glenn

0

2

0

0

0

2

5,186

0.10

0.04

Humboldt

30

5

0

0

1

36

1,616

0.33

0.14

Imperial

87

30

0

0

19

136

364

1.47

0.62

Inyo

2

0

0

0

0

2

4,536

0.12

0.05

Kern

1,094

311

0

0

157

1,562

163

3.28

1.40

Kings

57

7

0

0

19

83

482

1.11

0.47

Lake

70

22

0

0

15

107

318

1.68

0.71

Lassen

11

5

0

0

1

17

740

0.72

0.31

Los Angeles

8,119

1,968

0

0

1,752

11,839

282

1.89

0.81

Madera

159

15

0

0

21

195

233

2.29

0.97

Marin

106

24

0

0

19

149

721

0.74

0.32

Mariposa

7

0

0

0

1

8

1,185

0.45

0.19

Mendocino

28

3

0

0

1

32

1,201

0.45

0.19

Merced

464

46

0

0

153

663

117

4.57

1.94

Modoc

0

1

0

0

0

1

4,809

0.11

0.05

Mono

0

0

0

0

0

0

 

0.00

0.00

Monterey

453

49

0

0

35

537

256

2.09

0.89

Napa

73

17

0

0

5

95

549

0.97

0.41

Nevada

59

5

0

0

10

74

655

0.82

0.35

Orange

2,080

616

0

0

501

3,197

318

1.68

0.71

Placer

341

64

0

0

100

505

271

1.97

0.84

Plumas

6

3

0

0

1

10

1,443

0.37

0.16

Riverside

4,445

1,151

0

0

1,953

7,549

93

5.77

2.45

Sacramento

2,467

441

0

0

659

3,567

148

3.61

1.54

San Benito

95

4

0

0

6

105

169

3.17

1.35

San Bernardino

3,784

908

0

0

1,203

5,895

111

4.83

2.05

San Diego

3,642

735

0

0

1,051

5,428

205

2.61

1.11

San Francisco

194

27

0

0

30

251

1,414

0.38

0.16

San Joaquin

1,438

279

0

0

535

2,252

97

5.52

2.35

San Luis obispo

102

18

0

0

5

125

897

0.60

0.25

San Mateo

197

53

0

0

35

285

934

0.57

0.24

Santa Barbara

222

44

0

0

28

294

510

1.05

0.45

Santa Clara

1,012

125

0

0

195

1,332

454

1.18

0.50

Santa Cruz

145

11

0

0

7

163

624

0.86

0.36

Shasta

101

17

0

0

9

127

584

0.91

0.39

Sierra

0

1

0

0

0

1

2,268

0.24

0.10

Siskiyou

19

4

0

0

0

23

999

0.54

0.23

Solano

627

103

0

0

264

994

148

3.62

1.54

Sonoma

328

54

0

0

26

408

474

1.13

0.48

Stanislaus

1,094

178

0

0

382

1,654

101

5.29

2.25

Sutter

104

15

0

0

11

130

244

2.19

0.93

Tehama

0

1

0

0

0

1

25,216

0.02

0.01

Trinity

0

0

0

0

0

0

 

0.00

0.00

Tulare

304

122

0

0

36

462

279

1.91

0.81

Tuolumne

31

6

0

0

2

39

765

0.70

0.30

Ventura

600

67

0

0

63

730

365

1.46

0.62

Yolo

118

37

0

0

14

169

409

1.31

0.56

Yuba

112

20

0

0

17

149

171

3.13

1.33

 

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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