LITTLE CHANGE IN CALIFORNIA FORECLOSURES FOR JULY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State Leads Nation for Seventh Straight Month; Foreclosure Rate in Top 5

 

IRVINE, Calif. – Aug. 24, 2007 – California once again led the nation in monthly foreclosure activity, reporting 39,013 foreclosure filings in July, virtually unchanged from the previous month, but nearly four times the activity level reported for July 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one new filing for every 333 households — 2.1 times the national average — ranked fourth highest in the nation.

 

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 foreclosure activity increasing less than 1 percent in July, and up almost 300 percent over this time last year, California has led the nation in total foreclosures for every month of 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “Home price appreciation has slowed significantly but is still positive, home sales in many parts of the state are down on both a monthly and annual basis, and the inventory of unsold housing stock has increased dramatically over this time last year. Taken together these factors, along with the highly publicized credit crunch, are making it more difficult for financially stressed California homeowners to find a way out of foreclosure, as reflected in the high numbers we are reporting.”

 

Activity in the Golden State far outdistanced second-ranked Florida by more than double . Third-ranked Michigan, with its 13,979 foreclosure filings, reported a total that was slightly more than one-third of the California total. Ohio came in a close fourth, reporting 13,316 foreclosure filings, while Georgia rounded out that nation’s top five, with 12,602 filings entering some part of the foreclosure pipeline. The remaining states in the nation’s top 10 for total foreclosure filings in July were Texas, Colorado, Arizona, Illinois and Nevada.

 

Lion’s share of activity found in five counties

Total foreclosure filings in five California counties accounted for 55 percent of the state’s activity in July. Los Angeles County reported the highest county total in the state for the month, 9,407 foreclosure filings. Reporting 3,799 foreclosure filings San Bernardino County had the second highest county total, followed by Sacramento County, reporting 3,066 filings. San Diego County registered the fourth highest county total with 2,699 filings. Reporting 2,309 filings entering some part of the foreclosure pipeline, Contra Costa County had the state’s fifth highest total for the month.

 

Highest foreclosure rate reported in San Joaquin, Merced counties

Two counties were virtually in a statistical tie for the highest county foreclosure rate in the California for July. San Joaquin County narrowly beat out Merced County for the top by six hundredths of a percentage point. Both counties posted foreclosure rates of one foreclosure filing for every 109 households — roughly 3.1 times the state average and 6.4 times the national average. Stanislaus County posted the third highest rate, one foreclosure filing for every 128 households — 2.6 times the state average and 5.4 times the national average. With a rate of one filing for every 144 households, Solano County tallied the fourth highest county foreclosure rate, while Contra Costa County came in fifth with a rate of one filing for every 166 households.

 

State the largest single contributor to nation’s monthly total

Total foreclosure filings in California accounted for 22 percent of the 179,599 foreclosure filings nationwide in July. The national total was up 9 percent from the previous month and up 93 percent from July 2006. The nation’s foreclosure rate was one foreclosure filing for every 693 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 – July 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,741

57,327

23,136

35,553

26,842

179,599

693

n/a

n/a

California

27,071

7,498

0

0

4,444

39,013

333

2.08

n/a

 

 

 

 

 

 

 

 

 

 

Alameda

1,181

185

0

0

156

1,522

366

1.90

0.91

Amador

10

4

0

0

1

15

1,115

0.62

0.30

Butte

64

9

0

0

2

75

1,229

0.56

0.27

Calaveras

36

0

0

0

12

48

539

1.29

0.62

Colusa

1

0

0

0

0

1

7,251

0.10

0.05

Contra Costa

1,271

649

0

0

389

2,309

166

4.18

2.01

Del Norte

2

0

0

0

0

2

5,435

0.13

0.06

El Dorado

145

51

0

0

49

245

328

2.12

1.02

Fresno

709

138

0

0

129

976

300

2.31

1.11

Glenn

7

1

0

0

0

8

1,297

0.53

0.26

Humboldt

13

4

0

0

1

18

3,231

0.21

0.10

Imperial

40

13

0

0

2

55

900

0.77

0.37

Inyo

0

1

0

0

1

2

4,536

0.15

0.07

Kern

737

146

0

0

53

936

272

2.55

1.23

Kings

28

5

0

0

0

33

1,213

0.57

0.27

Lake

32

16

0

0

6

54

630

1.10

0.53

Lassen

1

0

0

0

0

1

12,576

0.06

0.03

Los Angeles

5,842

2,558

0

0

1,007

9,407

355

1.95

0.94

Madera

75

22

0

0

5

102

446

1.55

0.75

Marin

22

5

0

0

2

29

3,704

0.19

0.09

Mariposa

8

1

0

0

0

9

1,053

0.66

0.32

Mendocino

7

5

0

0

0

12

3,202

0.22

0.10

Merced

455

142

0

0

113

710

109

6.35

3.05

Mono

0

0

0

0

0

0

n/a

0.00

0.00

Monterey

99

19

0

0

10

128

1,074

0.65

0.31

Napa

67

10

0

0

2

79

660

1.05

0.50

Nevada

28

7

0

0

0

35

1,386

0.50

0.24

Orange

1,209

292

0

0

59

1,560

652

1.06

0.51

Placer

400

164

0

0

134

698

196

3.53

1.70

Plumas

3

1

0

0

0

4

3,608

0.19

0.09

Riverside

2,688

824

0

0

189

3,701

189

3.67

1.76

Sacramento

2,041

380

0

0

645

3,066

172

4.03

1.93

San Benito

37

7

0

0

2

46

385

1.80

0.86

San Bernardino

2,903

378

0

0

518

3,799

172

4.03

1.94

San Diego

2,294

328

0

0

77

2,699

412

1.68

0.81

San Francisco

53

8

0

0

4

65

5,461

0.13

0.06

San Joaquin

1,401

272

0

0

335

2,008

109

6.39

3.07

San Luis obispo

41

2

0

0

4

47

2,385

0.29

0.14

San Mateo

65

12

0

0

4

81

3,286

0.21

0.10

Santa Barbara

106

11

0

0

7

124

1,210

0.57

0.28

Santa Clara

560

71

0

0

74

705

858

0.81

0.39

Santa Cruz

60

11

0

0

1

72

1,412

0.49

0.24

Shasta

36

3

0

0

8

47

1,579

0.44

0.21

Siskiyou

3

3

0

0

0

6

3,829

0.18

0.09

Solano

602

262

0

0

156

1,020

144

4.82

2.31

Sonoma

229

71

0

0

30

330

586

1.18

0.57

Stanislaus

843

234

0

0

229

1,306

128

5.42

2.60

Sutter

37

11

0

0

1

49

648

1.07

0.51

Tehama

15

2

0

0

1

18

1,401

0.49

0.24

Trinity

0

0

0

0

0

0

n/a

0.00

0.00

Tulare

200

50

0

0

7

257

502

1.38

0.66

Tuolumne

12

1

0

0

1

14

2,132

0.33

0.16

Ventura

273

84

0

0

12

369

722

0.96

0.46

Yolo

42

17

0

0

5

64

1,080

0.64

0.31

Yuba

38

8

0

0

1

47

541

1.28

0.62

 

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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