CALIFORNIA FORECLOSURES INCREASE 30 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Tops in the Nation for Third Straight Month; Foreclosure Rate in Top 3

 

IRVINE, Calif. – June 15, 2007 – California reported 39,659 foreclosure filings in May, a 30 percent increase from the previous month, and the highest total in the nation for the third consecutive month. The state’s monthly foreclosure total was more than four times the number reported in May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. California posted a foreclosure rate of one foreclosure filing for every 308 households — third highest rate in the nation and more than twice the national average.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

 

“Despite a relatively stable employment environment, California is continuing to see a large upswing in foreclosure activity, both on a monthly and annual basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “Falling home sales volume, along with weak home prices and a large inventory of unsold homes in the state, are major contributing factors to this problem.”

 

The margin between the Golden State and the rest of the pack continues to be significant. Even with a 52 percent increase in monthly activity, second place Florida counted 21,704 foreclosure filings, slightly more than half of California’s total. Ohio came in third with 13,214 foreclosure filings, followed by fourth place Texas, with 9,653 filings, and fifth place Michigan, reporting 9,461 filings for the month. The remaining states in the nation’s top 10 for total foreclosures in May were Georgia, Illinois, Colorado, Arizona and Nevada.

 

Los Angeles County accounts for more 20 percent of state total

Los Angeles County led the state in foreclosure activity once again in May, reporting 9,329 foreclosure filings and accounting for 24 percent of the state’s total for the month. Riverside County reported the second highest total with 4,550 foreclosure filings for the month. San Bernardino County reported 3,633 foreclosure filings, third highest total in the state, followed by San Diego County, with 3,373 foreclosure filings. San Joaquin County rounded out the top five, with 2,157 filings in the foreclosure pipeline.

 

San Joaquin County leads state in foreclosure rate

San Joaquin County tallied the highest foreclosure rate in California for the second straight month, reporting one foreclosure filing for every 88 households — 3.5 times the state average and 7.5 times the national average. Merced County posted the second highest rate, one foreclosure filing for every 100 households — 3.1 times the state average and 6.6 times the national average. Stanislaus County reported the third highest rate, one foreclosure filing for every 118 households — 2.6 times the state average and 5.6 times the national average. Riverside County’s rate of one foreclosure filing for every 128 households was the fourth highest, and Solano County had the state’s fifth highest rate, one filing for every 147 households.

 

State the biggest contributor to national total for May

Total foreclosure filings in California accounted for 23 percent of the 176,137 foreclosure filings nationwide, far and away the largest state contributor to the national total in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 656 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 – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

California

29,132

7,037

0

0

3,490

39,659

308

2.13

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

783

86

0

0

37

906

596

1.10

0.52

Alpine

1

0

0

0

0

1

1,514

0.43

0.20

Amador

16

4

0

0

1

21

716

0.92

0.43

Butte

44

9

0

0

12

65

1,316

0.50

0.23

Calaveras

22

4

0

0

1

27

850

0.77

0.36

Colusa

6

0

0

0

1

7

968

0.68

0.32

Contra Costa

1,068

157

0

0

178

1,403

253

2.60

1.22

Del Norte

3

0

0

0

0

3

3,478

0.19

0.09

El Dorado

63

21

0

0

8

92

775

0.85

0.40

Fresno

754

147

0

0

57

958

283

2.32

1.09

Glenn

21

2

0

0

3

26

384

1.71

0.80

Humboldt

17

7

0

0

2

26

2,150

0.31

0.14

Imperial

67

32

0

0

16

115

382

1.72

0.81

Inyo

1

0

0

0

0

1

9,042

0.07

0.03

Kern

714

129

0

0

34

877

264

2.49

1.17

Kings

28

4

0

0

2

34

1,075

0.61

0.29

Lake

30

5

0

0

10

45

723

0.91

0.43

Lassen

4

1

0

0

0

5

2,400

0.27

0.13

Los Angeles

6,911

1,651

0

0

767

9,329

351

1.87

0.88

Madera

74

6

0

0

8

88

459

1.43

0.67

Marin

54

3

0

0

3

60

1,750

0.38

0.18

Mariposa

4

1

0

0

1

6

1,471

0.45

0.21

Mendocino

8

3

0

0

3

14

2,638

0.25

0.12

Merced

453

172

0

0

59

684

100

6.57

3.08

Modoc

0

0

0

0

2

2

2,404

0.27

0.13

Mono

0

0

0

0

1

1

11,757

0.06

0.03

Monterey

152

22

0

0

9

183

720

0.91

0.43

Napa

74

6

0

0

1

81

599

1.10

0.51

Nevada

23

9

0

0

2

34

1,302

0.50

0.24

Orange

1,438

297

0

0

51

1,786

543

1.21

0.57

Placer

343

110

0

0

55

508

211

3.11

1.46

Plumas

5

0

0

0

0

5

2,677

0.25

0.12

Riverside

3,293

1,085

0

0

172

4,550

128

5.11

2.40

Sacramento

2,222

305

0

0

546

3,073

155

4.25

1.99

San Benito

37

4

0

0

0

41

402

1.63

0.77

San Bernardino

2,624

632

0

0

377

3,633

166

3.97

1.86

San Diego

2,553

442

0

0

378

3,373

308

2.13

1.00

San Francisco

152

34

0

0

5

191

1,814

0.36

0.17

San Joaquin

1,309

609

0

0

239

2,157

88

7.49

3.51

San Luis obispo

115

8

0

0

9

132

775

0.85

0.40

San Mateo

185

51

0

0

15

251

1,038

0.63

0.30

Santa Barbara

120

25

0

0

7

152

940

0.70

0.33

Santa Clara

644

186

0

0

46

876

661

0.99

0.47

Santa Cruz

41

5

0

0

3

49

2,018

0.33

0.15

Shasta

51

8

0

0

6

65

1,059

0.62

0.29

Siskiyou

10

2

0

0

0

12

1,829

0.36

0.17

Solano

583

235

0

0

97

915

147

4.47

2.10

Sonoma

230

69

0

0

56

355

516

1.27

0.60

Stanislaus

866

250

0

0

162

1,278

118

5.56

2.61

Sutter

34

9

0

0

3

46

616

1.07

0.50

Tehama

8

6

0

0

0

14

1,682

0.39

0.18

Tulare

186

62

0

0

9

257

466

1.41

0.66

Tuolumne

16

1

0

0

1

18

1,574

0.42

0.20

Ventura

570

101

0

0

22

693

363

1.81

0.85

Yolo

57

14

0

0

8

79

780

0.84

0.40

Yuba

45

6

0

0

5

56

404

1.62

0.76

 

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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