LOS ANGELES FORECLOSURES DECREASE BY 7 PERCENT ACCORDING TO REALTYTRAC™ OCTOBER U.S. FORECLOSURE MARKET REPORT
California Foreclosures Down 6.3 Percent, Bucking National Trend.Orange, Riverside County Foreclosures Drop by 20 Percent.
Irvine, Calif. – Novemeber 28, 2005 – Los Angeles foreclosures decreased 7 percent in October after two consecutive months of increases, and the city’s foreclosure rate of one foreclosure for every 2,723 households was half the national average, according to the RealtyTrac™ Monthly U.S. Foreclosure Market Report.
RealtyTrac publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
Los Angeles’ foreclosure rates maintained their position as the lowest among the nation’s five largest metropolitan areas for the seventh consecutive month. New York, Chicago, Philadelphia and Dallas foreclosure rates were all higher than those of Los Angeles.
“Although there are a large number of properties in the state and the region in the early stages of default, Southern California foreclosure rates continue to be among the lowest in the country,” said James J. Saccacio, chief executive officer of RealtyTrac. “It’s significant that both the state and the region had significant decrease in foreclosures while the country as a whole had the one of the highest single month increases of the year.”
Los Angeles County recorded 1,201 properties entering some stage of foreclosure in October, 91 fewer than the previous month. The county’s foreclosure rate was slightly below the California average of one foreclosure for every 2,610 households. Statewide, 4,679 properties entered some stage of foreclosure, a 6.3 percent decrease from the previous month.
Orange County foreclosures decreased 27 percent in October, rebounding from a 22 percent spike in September. With 188 properties entering some stage of foreclosure, the county documented a foreclosure rate of one foreclosure for every 5,157 households. That was half the state average and less than one-third of the national average.
Riverside County’s foreclosure rate dropped below the national average thanks to a 20 percent decrease in foreclosures in October. The county recorded 369 new foreclosures, a rate of one foreclosure for every 1,584 households.
Foreclosures decreased 5 percent in San Bernardino County, ending three consecutive months of increases. But with one foreclosure for every 1,351 households, the county’s foreclosure rate remained above national and state averages.
Nationwide, foreclosures increased 19 percent in October, with a total of 81,382 properties entering some stage of foreclosure. That was a foreclosure rate of one foreclosure for every 1,422 households and the highest number of foreclosures reported in any month year to date.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a graphical map that illustrates foreclosure percentiles by state (appended to this press release or available by request), as well as 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 repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
|District of Columbia||0||1||0||0||7||8||-33.33|
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 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to MSN House & Home, Yahoo! Real Estate and HomeGain as well as the foreclosure data provider to AOL Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations