CALIFORNIA FORECLOSURES RANK SECOND HIGHEST IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 4 Percent From Month Before; Soars 79 Percent From a Year Ago

 

IRVINE, Calif. – March 26, 2007 – California reported 16,273 foreclosure filings in February, the second highest state total in the nation for the second straight month. New foreclosure filings in the state increased 4 percent for February, and were 79 percent above the level reported for the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 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.

 

California has the largest population and total households in the nation, so it is not surprising that the state’s foreclosure total is continuously in the top tier nationally,” said James J. Saccacio, chief executive officer of RealtyTrac. “Employment is stable for the most part, however soft housing prices and a much lower rate of price appreciation, combined with elevated levels of housing inventory are significantly affecting distressed homeowners who are looking to sell their way out of foreclosure.”

 

Even with this month’s increase in foreclosure filings the Golden State remains well behind national leader Florida, which reported 19,144 new filings for February. California firmly held the nation’s second slot, however, well ahead of third place Texas, which reported 12,386 foreclosure filings for the month. The state outdistanced fourth place Michigan by almost 7,000 foreclosures and fifth place Ohio by almost 8,800 foreclosures. The rest of the nation’s top 10 were Georgia, Illinois, Colorado, New York and New Jersey. The state foreclosure rate of one foreclosure filing for every 751 households — 1.2 times the national average — ranked 13th among the 50 states for the month.

 

Five counties combine for lion’s share of state total

Five California counties accounted for 61 percent of all foreclosure activity in the state for February. Los Angeles County led the state, reporting 3,064 foreclosure filings for the month. Riverside County came in second, reporting 2,169 foreclosure filings. Third highest total was reported by Sacramento County, with 1,936 filings. San Bernardino County tallied the fourth highest total, reporting 1,673 foreclosure filings for the month, followed by San Diego County, which reported 1,065 filings in the foreclosure pipeline.

 

Solano, Sacramento counties lead state in foreclosure rate for the month

Documenting one foreclosure filing for every 228 households — 3.3 times the state average and 3.9 times the national average — Solano County tallied the state’s highest foreclosure rate for February. Sacramento County reported the state’s second highest rate, with one foreclosure filing for every 245 households — 3.1 times the state average and 3.6 times the national average. Riverside County reported the third highest rate, one foreclosure filing for every 270 households — 2.8 times the state average and 3.3 times the national average. Merced County came in fourth with a rate of one foreclosure filing for every 309 households— 2.4 times the state average and 2.9 times the national average. San Bernardino County rounded out the top five, reporting one foreclosure filing for every 359 households — 2.1 times the state average and 2.5 times the national average.

 

State makes significant contribution to national total

Total foreclosure filings in California accounted for 12 percent of the 130,786 new filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 – February 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

California

11,637

3,715

0

0

921

16,273

751

1.18

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

481

97

0

0

13

591

914

0.97

0.82

Amador

14

2

0

0

0

16

940

0.94

0.80

Butte

39

3

0

0

0

42

2,036

0.43

0.37

Calaveras

11

1

0

0

1

13

1,765

0.50

0.43

Colusa

3

1

0

0

0

4

1,694

0.52

0.44

Contra Costa

388

103

0

0

67

558

635

1.39

1.18

Del Norte

1

0

0

0

0

1

n/a

n/a

n/a

El Dorado

45

12

0

0

3

60

1,188

0.74

0.63

Fresno

180

95

0

0

11

286

947

0.93

0.79

Glenn

7

1

0

0

0

8

1,248

0.71

0.60

Humboldt

3

1

0

0

1

5

11,182

0.08

0.07

Imperial

3

3

0

0

1

7

6,270

0.14

0.12

Inyo

2

1

0

0

0

3

3,014

0.29

0.25

Kern

500

117

0

0

17

634

365

2.42

2.05

Kings

38

3

0

0

1

42

871

1.02

0.86

Lake

28

1

0

0

2

31

1,049

0.84

0.72

Los Angeles

2,310

539

0

0

215

3,064

1,068

0.83

0.70

Madera

25

3

0

0

0

28

1,442

0.61

0.52

Marin

22

3

0

0

2

27

3,889

0.23

0.19

Mariposa County

2

0

0

0

0

2

 n/a

n/a

n/a

Mendocino

8

2

0

0

1

11

3,358

0.26

0.22

Merced

187

27

0

0

7

221

309

2.86

2.43

Modoc

1

0

0

0

0

1

 n/a

n/a

n/a

Mono

0

0

0

0

0

0

n/a 

0.00

0.00

Monterey

92

18

0

0

1

111

1,182

0.75

0.64

Napa

31

0

0

0

0

31

1,566

0.56

0.48

Nevada

26

3

0

0

1

30

1,476

0.60

0.51

Orange

632

119

0

0

51

802

1,209

0.73

0.62

Placer

76

58

0

0

7

141

761

1.16

0.99

Plumas

0

1

0

0

1

2

6,693

0.13

0.11

Riverside

1,405

699

0

0

65

2,169

270

3.28

2.78

Sacramento

1,137

612

0

0

187

1,936

245

3.60

3.06

San Benito

12

5

0

0

1

18

917

0.96

0.82

San Bernardino

1,283

306

0

0

84

1,673

359

2.46

2.09

San Diego

804

223

0

0

38

1,065

977

0.91

0.77

San Francisco

97

41

0

0

3

141

2,458

0.36

0.31

San Joaquin

247

71

0

0

11

329

575

1.54

1.31

San Luis obispo

55

9

0

0

1

65

1,573

0.56

0.48

San Mateo

81

34

0

0

3

118

2,208

0.40

0.34

Santa Barbara

94

8

0

0

4

106

1,348

0.66

0.56

Santa Clara

103

43

0

0

7

153

3,786

0.23

0.20

Santa Cruz

29

4

0

0

0

33

2,996

0.30

0.25

Shasta

41

10

0

0

1

52

1,323

0.67

0.57

Siskiyou

9

1

0

0

0

10

2,195

0.40

0.34

Solano

327

193

0

0

69

589

228

3.87

3.29

Sonoma

155

29

0

0

16

200

916

0.97

0.82

Stanislaus

269

111

0

0

5

385

392

2.26

1.92

Sutter

30

6

0

0

3

39

726

1.22

1.03

Tehama

13

1

0

0

1

15

1,570

0.56

0.48

Tulare

28

31

0

0

4

63

1,899

0.47

0.40

Tuolumne

2

2

0

0

0

4

7,084

0.12

0.11

Ventura

177

47

0

0

7

231

1,090

0.81

0.69

Yolo

51

12

0

0

4

67

919

0.96

0.82

Yuba

33

3

0

0

4

40

566

1.56

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 construction properties, 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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