LOS ANGELES FORECLOSURES INCREASE 38% ACCORDING TO REALTYTRAC™ NOVEMBER U.S. FORECLOSURE MARKET REPORT
City Maintains Lowest Foreclosure Rate Among Top Five Metro Areas; Foreclosures More Than Double in Orange and Riverside Counties
Irvine, Calif. – December 19, 2005 – Los Angeles foreclosures increased 38 percent in November but the city’s foreclosure rate stayed lowest among the nation’s five largest metropolitan areas, according to the RealtyTrac™ 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 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.
“The big jump in Los Angeles and Orange County foreclosures this month may indicate that the region is no longer able to sustain the rock-bottom foreclosure rates it has experienced so far this year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Increasing interest rates and a cooling real estate market could be forcing more homeowners into default and limiting the options for homeowners trying to stop foreclosure.”
Los Angeles County reported 1,657 properties entering some stage of foreclosure in November, up from 1,201 in October. With one foreclosure for every 1,974 households, the city’s foreclosure rate was lower than the foreclosure rates in New York, Chicago, Philadelphia and Dallas-Fort Worth for the eighth month in a row. The city’s foreclosure rate stayed below the national average, but inched above the state average.
Orange County’s foreclosure rate stayed below national and state averages despite a 130 percent increase in foreclosures. The county reported 432 properties entering some stage of foreclosure in November, a foreclosure rate of one foreclosure for every 2,244 households.
With a 107 percent increase in foreclosures in November, Riverside County documented a foreclosure rate more than two times state and national averages. The county reported 763 properties entering some stage of foreclosure — one foreclosure for every 766 households.
The foreclosure rate in San Bernardino County registered above state and national averages thanks to an 18 percent increase in foreclosures. The county reported 524 properties entering some stage of foreclosure — one foreclosure for every 1,148 households.
Foreclosures in the state of California increased 29 percent, with 6,051 properties entering some stage of foreclosure in November. That was the most California foreclosures reported in any month so far this year and the third highest number of foreclosures reported by any state in November. Only Florida and Texas reported more foreclosures. Even with the increase, the state’s foreclosure rate stayed below the national average.
Nationwide, 71,606 properties entered some stage of foreclosure in November, a 12 percent decrease and a foreclosure rate of one foreclosure for every 1,615 U.S. households.
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:
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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