LOS ANGELES AREA FORECLOSURES DECREASE SIX PERCENT ACCORDING TO REALTYTRAC™ FEBRUARY U.S. FORECLOSURE MARKET REPORT
Decrease Ends Three Months of Rising Foreclosures. California Foreclosures Down Three Percent.
Irvine, Calif. – March 22, 2006 – Los Angeles area foreclosures decreased six percent in February, ending three straight months of rising foreclosures, according to the RealtyTrac™ February 2006 U.S. Foreclosure Market Report. The four-county metropolitan area reported 4,695 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure for every 1,156 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.
“While this monthly decrease in foreclosures is a positive sign for the Los Angeles area housing market, it doesn’t come close to offsetting the increases from the last three months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even taking into account the decrease in February, monthly foreclosure filings have doubled since October of last year. But it’s important to keep in mind that the region continues to maintain a foreclosure rate that’s low compared with foreclosure rates in the nation’s top metros and is below the national average.”
The foreclosure rate in the Los Angeles area was lower than foreclosure rates in Chicago, Philadelphia and Dallas-Fort Worth, but higher than the foreclosure rate in New York City. Except for Chicago, all five metropolitan areas reported fewer new foreclosures in February.
New foreclosures inched up almost imperceptibly in Los Angeles County, which reported 2,673 properties entering some stage of foreclosure in February — an increase of just 25 properties from the previous month. The county’s foreclosure rate of one foreclosure for every 1,223 households was below the national average and slightly above the state average.
Orange County foreclosures dropped 29 percent in February, erasing most of the 30 percent increase reported in January. The county recorded 422 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure for every 2,297 households.
San Bernardino County’s foreclosure rate dropped below the national average thanks to a 33 percent decrease in new foreclosures in February. The county reported 577 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure for every 1,042 households.
Riverside County reported 1,023 properties entering some stage of foreclosure, an increase of 14 percent. With one new foreclosure for every 571 households, the county’s foreclosure rate was 1.8 times the national average and 2.4 times the state average.
California reported a total of 9,110 properties entering some stage of foreclosure in February, a 3 percent decrease from the previous month but an 80 percent increase from February 2005. The state documented a foreclosure rate of one new foreclosure for every 1,341 households.
A total of 117,259 U.S. properties entered some stage of foreclosure in February, a 13 percent increase from the previous month and a 68 percent increase from February 2005. The nation registered a foreclosure rate of one new foreclosure for every 986 households.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).
Below are foreclosure market statistics nationwide and by state:
1 in every #households
|%Change prev. month|
|District of Columbia||0||2||0||0||5||7||39,264||0|
About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen Net Ratings, 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 and For Sale By Owner properties, with more than 600,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts more than 2 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations