LOS ANGELES FORECLOSURES INCREASE 41 PERCENT ACCORDING TO REALTYTRAC™ JUNE U.S. FORECLOSURE MARKET REPORT
City Retains Lowest Rate Among Nation’s Top Five Metro Areas In Spite of Increase; Riverside and San Bernardino Rates Stay Above State and National Averages
Real Estate Connect™ San Francisco, Calif. – July 27, 2005 – Los Angeles documented more than 1,000 properties entering foreclosure in June — an increase of 315 properties from May — but retained the lowest foreclosure rate among the nation’s top five metropolitan areas for the third month in a row, according to the RealtyTrac™ June 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 nearly 2,000 counties across the country, and is the exclusive foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
Even with the jump in new foreclosures, the foreclosure rate in Los Angeles stayed far below the national average and the rates in New York, Chicago, Philadelphia and Dallas. But the city’s rate inched closer to the state average with one new property in foreclosure for every 3,012 households.
“This is the first significant increase in Los Angeles foreclosure rates that we’ve seen in the past six months,” said James J. Saccacio, RealtyTrac chief executive officer. “Whether this is the beginning of a trend or a one-month spike is something we’ll be following closely.”
California foreclosures increased 19 percent in June, and the state accounted for 6.6 percent of the nation’s foreclosures in June. But with one foreclosure for every 2,773 households, the foreclosure rate was less than two-thirds of the national average. “In spite of the increases in both the state and Los Angeles, both remain significantly under the national foreclosure rate averages,” noted Saccacio.
Foreclosure rates in Riverside and San Bernardino counties persisted above state and national averages for the third month in a row, and the number of new foreclosures increased in both counties from May. Riverside County reported one new foreclosure for every 1,402 households, a 14 percent jump. San Bernardino County reported one new foreclosure for every 1,530 households, an 11 percent increase.
Although Orange County experienced a 23 percent increase in the number of new foreclosures, its foreclosure rate remained lower than the surrounding counties, and among the lowest in the country for counties of its size, with one property in foreclosure for every 4,143 households.
The number of properties entering foreclosure nationwide increased to 67,024 in June compared to 62,432 in May. That was the highest number of new foreclosures reported in any one month in 2005, and caused a 7.4 percent increase in the nation’s foreclosure rate, with one new foreclosure for every 1,726 households.
RealtyTrac’s June report also includes previously unreported foreclosure data in Los Angeles and 73 other counties, although the new data is not used for the month-to-month comparisons. The new data showed 101 additional foreclosure properties in Los Angeles, but did not change the ranking of the city’s foreclosure rate in comparison to the top five metropolitan areas. Nationwide, the new data included 8,417 properties entering foreclosure in June, bringing the nationwide total to 75,441.
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 6/2005||0||4||0||0||28||32||29.41|
|New Hampshire 6/2005||0||7||0||0||6||13||9.80|
|New Jersey 6/2005||1699||1400||0||0||97||3196||89.22|
|New Mexico 6/2005||270||24||0||0||76||370||64.71|
|New York 6/2005||0||0||622||2223||69||2914||51.96|
|North Carolina 6/2005||19||207||0||0||1233||1459||56.86|
|North Dakota 6/2005||0||2||0||0||17||19||12.75|
|Rhode Island 6/2005||1||5||0||0||0||6||5.88|
|South Carolina 6/2005||55||73||0||0||532||660||51.96|
|South Dakota 6/2005||0||2||0||0||2||4||5.88|
|West Virginia 6/2005||0||41||0||0||21||62||15.69|
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