Foreclosure Filings Up 37 Percent From The First Quarter 2008
IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 50,885 properties in the Riverside-San Bernardino metro area in the first quarter, up 41 percent from the previous quarter and 37 percent above the level reported for the first quarter 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 28 metro housing units received a foreclosure filing during the quarter, ranking the metro area’s foreclosure rate fifth highest among the 203 metro areas with populations over 200,000 tracked each month by RealtyTrac.
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.
“The Riverside-San Bernardino metro area experienced another substantial increase in foreclosure filings during the first quarter of 2009 and was up significantly from the same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment now over 12.5 percent and many residents receiving public assistance to meet their daily needs, the area is now considered to be falling into a state of mild depression.”
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With one in every 27 housing units receiving a foreclosure filing during February — 2.2 times the state average and 5.9 times the national average — Riverside County had the highest foreclosure rate in the metro area.
California continued to lead nation in foreclosure activity
The Golden state led the nation in total foreclosure activity for the quarter, reporting 230,915 properties with foreclosure filings. This latest total represents a 35 percent increase from the previous quarter and is 36 percent ahead of the level reported in the first quarter 2008. One in every 58 California housing units received a foreclosure filing during the quarter, the third highest state foreclosure rate in the nation.
State the single largest contributor to nation’s foreclosure total in Q1 2009
California accounted for 29 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.
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.
Riverside-San Bernardino Metro Area Foreclosure Market Data by County – Q1 2009
1/every X HH (rate)
%Change from Q4 08
%Change from Q1 08
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).