LOS ANGELES FORECLOSURES INCREASE 42 PERCENT ACCORDING TO REALTYTRAC™ DECEMBER 2005 U.S. FORECLOSURE MARKET REPORT
Second Month of Increases Drives LA Foreclosure Rates to Highest Level of the YearCalifornia Foreclosures Up 27 Percent
Irvine, Calif. – January 12, 2006 – Los Angeles foreclosures jumped 42 percent in December, ending an eight-month stretch in which the city maintained the lowest foreclosure rate among the nation’s five largest metropolitan areas, according to the RealtyTrac™ December 2005 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.
“This is the first time in quite a while where Los Angeles foreclosures rates were higher than the national and state averages,” said James J. Saccacio, chief executive officer of RealtyTrac. “The city’s foreclosure rate ended the year at its highest level, and may be a signal that the real estate market in the region is starting to cool off.”
Los Angeles County recorded 2,350 properties entering some stage of foreclosure in December, up from 1,657 in November. With one foreclosure for every 1,392 households, the city’s foreclosure rate was still below the foreclosure rates in Chicago, Philadelphia and Dallas-Fort Worth, but it was higher than the foreclosure rate in New York. It was also slightly higher than the state and national averages.
Orange County foreclosures also increased for the second consecutive month, but the county’s foreclosure rate remained below state and national averages. The county recorded 459 properties entering some stage of foreclosure in December, a 6 percent increase and one foreclosure for every 2,112 households.
The foreclosure rate in Riverside County was more than two times state and national averages in December. The county recorded 977 properties entering some stage of foreclosure, a 28 percent increase and one foreclosure for every 598 households.
Foreclosures increased 48 percent in San Bernardino County, with 777 properties entering some stage of foreclosure in December. With one foreclosure for every 774 households, the county maintained a foreclosure rate close to two times national and state averages.
Foreclosures in the state of California increased for the second straight month, but the state’s foreclosure rate remained slightly below the national average. The state reported a total of 7,674 properties entering some stage of foreclosure, a 27 percent increase and one foreclosure for every 1,592 households.
Nationwide, 81,290 properties entered some stage of foreclosure in December, a 13.5 percent increase from the previous month and a foreclosure rate of one new foreclosure for every 1,422 U.S. households. December’s national foreclosure rate was the highest reported in 2005, matching the national foreclosure rate reported in October.
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