California Foreclosures Retreat for Third Consecutive Month

Statewide filings down 1 percent from September; rate ranks #2 nationally

 

After peaking in July, California foreclosure filings continued to decline for the third straight month in October, down one percent from the previous month to 85,420 properties with foreclosure filings, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  The latest monthly total is still 50 percent ahead of the state foreclosure level reported one year ago, however. One in every 156 California housing units received a foreclosure filing in October, the second highest state foreclosure rate in the nation.

 

“Although foreclosure activity in California has been on the decline for the past three months, the rate of decline has been slowing down steadily to the point where it was practically negligible in October ,” said James J. Saccacio, chief executive officer of RealtyTrac. “These recent declines may be explained by homeowners taking advantage of various loan modification programs currently being offered by the federal government, but the fact is that California has one of the nation’s highest unemployment rates. With joblessness expected to continue in 2010, the likelihood of any great improvement in the foreclosure situation over the short term is doubtful.”

 

The Golden State continues to lead the nation in foreclosure activity by a wide margin. Florida was a distant second, reporting 51,911 properties with foreclosure filings in October. Illinois came in number three, reporting 19,946 properties with foreclosure filings for the month. Michigan took the number four slot, documenting 16,468 properties with foreclosure filings. Nevada came in fifth, reporting 13,842 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in October were Arizona (13,345), Georgia (12,468), Texas (11,798), Ohio (11,646) and New Jersey (7,435). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for October.

 

Riverside County posts state’s top foreclosure rate in October

Riverside County posted the highest county foreclosure rate in the state for October, with one in every 78 housing units receiving a foreclosure filing — 4.9 times the national average and twice the state average. Solano and Stanislaus counties ranked second and third highest respectively, both reporting one in every 81 housing units receiving a foreclosure filing — 4.8 times the national average and 1.9 times the state average. San Benito County had the fourth highest rate, with one in every 88 housing units receiving a foreclosure filing — 4.4 times the national average and 1.8 times the state average. Fifth highest foreclosure rate was in San Bernardino County, where one in every 90 housing units received a foreclosure filing during the month — 4.3 times the national average and 1.7 times the state average.

 

So Cal still dominates state in foreclosure totals during October

Five Southern California counties continued to dominate the foreclosure landscape statewide in October. Once again Los Angeles County led all counties, totaling 19,180 properties with foreclosure filings for the month. Riverside County was second highest, documenting 9,628 properties with foreclosure filings. Reporting 7,584 properties with foreclosure filings for the month, San Bernardino County was third highest total in the state. San Diego County came in fourth, reporting 7,323 properties with foreclosure filings, while the fifth highest total was in Orange County, where 5,156 properties with foreclosure filings were reported for the month.

 

State responsible for a quarter of nation’s foreclosure activity in October

California accounted for 26 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

California

35,672

0

34,728

0

15,020

85,420

156

2.47

n/a

 

 

 

 

 

 

 

 

 

 

Riverside

3,725

0

4,026

0

1,877

9,628

78

4.91

1.99

Solano

679

0

804

0

373

1,856

81

4.77

1.93

Stanislaus

829

0

852

0

466

2,147

81

4.76

1.93

San Benito

93

0

70

0

40

203

88

4.38

1.77

San Bernardino

3,271

0

2,993

0

1,320

7,584

90

4.29

1.74

 

 

California Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

California

35,672

0

34,728

0

15,020

85,420

156

-1.06

49.98

 

 

 

 

 

 

 

 

 

 

Los Angeles

8,339

0

7,765

0

3,076

19,180

176

8.16

74.14

Riverside

3,725

0

4,026

0

1,877

9,628

78

6.52

39.60

San Bernardino

3,271

0

2,993

0

1,320

7,584

90

3.31

33.40

San Diego

3,171

0

2,953

0

1,199

7,323

155

17.60

67.42

Orange

2,376

0

2,309

0

471

5,156

200

1.80

75.43

 

 

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