LOS ANGELES FORECLOSURES DECREASE MORE THAN 15 PERCENT ACCORDING TO REALTYTRAC™ MAY U.S. FORECLOSURE MARKET REPORT
Orange County and San Bernardino County foreclosures also decrease.
Riverside County foreclosures up by 12 percent.
Irvine, Calif. – June 26, 2006 – Foreclosure filings in the Los Angeles area decreased more than 15 percent in May, the second straight month of declining foreclosure activity in the region, according to the RealtyTrac™ 2006 Monthly U.S. Foreclosure Market Report. The four-county metropolitan area recorded 3,501 properties entering some stage of foreclosure and a foreclosure rate of one foreclosure filing for every 1,550 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 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.
“Los Angeles area foreclosures have dropped more than 40 percent over the last two months, and the region’s foreclosure rate is staying below the national average after going slightly above the national average a couple months ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “For now at least, the area’s relatively strong housing market continues to keep foreclosures in check, although rising interest rates and a growing inventory of housing could put more pressure on financially strapped homeowners in the coming months.”
The declining foreclosure activity helped the metropolitan area’s foreclosure rate rank lowest among the nation’s five largest metropolitan areas. Dallas-Fort Worth, Chicago, Philadelphia and New York all documented higher foreclosure rates than Los Angeles.
Los Angeles County reported fewer foreclosure filings for the third straight month, with a total of 1,523 properties entering some stage of foreclosure. That was a 27 percent decrease from the previous month and a foreclosure rate of one new foreclosure filing for every 2,148 households — less than two-thirds of the national average.
Orange County’s foreclosure rate of one new foreclosure filing for every 2,430 households was about one-half of the national average thanks in part to a nearly 9 percent decline in foreclosure activity there. The county reported 399 properties entering some stage of foreclosure.
Although foreclosure activity decreased 25 percent in San Bernardino County, the county’s foreclosure rate of one new foreclosure filing for every 1,172 households was still slightly above the national average. The county reported 513 properties entering some stage of foreclosure.
Riverside County was the only county in the metropolitan area with increasing foreclosures. The county reported 1,066 properties entering some stage of foreclosure, a 12 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 548 households — more than two times the national average.
California reported 8,736 properties entering some stage of foreclosure in May, the third most of any state despite a 1 percent decrease from the previous month. The state’s foreclosure rate of one new foreclosure filing for every 1,398 households stayed below the national average.
Nationwide a total of 92,746 properties entered some stage of foreclosure in May, an increase of less than 2 percent from the previous month but still a 28 percent year-over-year increase from May 2005, and the nation documented a foreclosure rate of one new foreclosure filing for every 1,247 U.S. households. May’s increase ended two months of declining foreclosure activity nationwide.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and in the nation’s five largest Metropolitan Statistical Areas over the preceding month. 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 re-purchased by a bank).
Los Angeles Area Foreclosure Market Statistics by County – May 2006
1 in every #households
|%Change prev. month|
|Los Angeles Metro||3,057||380||0||0||64||3,501||1,550||-15.922|
|Los Angeles County||1,366||135||0||0||22||1,523||2,148||-27.268|
|San Bernardino County||447||53||0||0||13||513||1,172||-25.000|
About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix, 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 construction properties, with more than 1 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations