LOS ANGELES FORECLOSURES DROP 27 PERCENT ACCORDING TO REALTYTRAC™ MAY U.S. FORECLOSURE MARKET REPORT™
City Boasts Lowest Foreclosure Rate Among Nation’s Top Five Metro Areas; Foreclosure Rates Double the State Average in Riverside and San Bernardino Counties
Irvine, Calif. – June 22, 2005 – For the second month in a row, Los Angeles recorded the lowest foreclosure rate among the nation’s top-five metropolitan areas, and the number of new foreclosures in Los Angeles County dropped 27 percent in May, according to the RealtyTrac™ May 2005 Monthly U.S. Foreclosure Market Report™.
RealtyTrac (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in more than 1,900 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
With one property entering some stage of foreclosure for every 4,242 households, the foreclosure rate in Los Angeles dropped to less than half of the national average and below the foreclosure rates of New York, Chicago, Philadelphia and Dallas. Although its 771 new foreclosures accounted for 21 percent of all California foreclosures, Los Angeles County managed to maintain a foreclosure rate nearly 25 percent lower than the state average.
“Los Angeles continues to do significantly better than other major metropolitan areas when it comes to foreclosure rates,” said James J. Saccacio, chief executive officer of RealtyTrac. “In addition, its rate is lower than the state average. That’s uncommon for such a densely populated area.”
One area that Los Angeles did not outperform was neighboring Orange County, which had one new foreclosure for every 5,075 households. With a total of 191 new foreclosures in May, the county recorded 15.5 percent fewer foreclosures than in April.
Although the number of new foreclosures in Riverside and San Bernardino counties dropped in May, the foreclosure rates in those counties remained above state and national averages. Both counties’ foreclosure rates hovered close to two times the state average. Riverside County recorded one new foreclosure for every 1,597 households, and San Bernardino County recorded one new foreclosure for every 1,694 households.
The state’s foreclosure rate was well below the national average in May, with one new foreclosure for every 3,300 households. The number of new foreclosures statewide dropped 16 percent from April, far outpacing a nationwide decline of 2.5 percent.
Nationwide, the number of new properties in foreclosure fell to 62,432 in May compared to 64,057 in April. May’s foreclosure statistics closely mirrored those in March, reversing a slight increase in April and indicating continued stability in the national real estate market.
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 5/2005||0||2||0||0||17||19||25.49|
|New Hampshire 5/2005||0||1||0||0||5||6||4.90|
|New Jersey 5/2005||1954||773||0||0||105||2832||86.27|
|New Mexico 5/2005||1032||306||0||0||71||1409||100.00|
|New York 5/2005||0||0||453||2660||181||3294||61.76|
|North Carolina 5/2005||7||30||0||0||983||1020||49.02|
|North Dakota 5/2005||0||1||0||0||13||14||15.69|
|Rhode Island 5/2005||1||2||0||0||0||3||1.96|
|South Carolina 5/2005||27||8||0||0||486||521||50.98|
|South Dakota 5/2005||0||0||0||0||5||5||8.82|
|West Virginia 5/2005||0||5||0||0||13||18||12.75|
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 AOL, MSN House & Home, Yahoo! Real Estate and HomeGain. For more information, visit www.realtytrac.com.
Atomic Public Relations