Area’s Foreclosure Rate Rises Above National Average
California Reports Most New Foreclosure Filings of Any State
IRVINE, Calif. – Oct. 20, 2006 – Los Angeles foreclosures jumped 74 percent in September, the fourth straight month the city has reported increasing foreclosure activity and pushing the city’s foreclosure rate above the national average, according to the RealtyTrac™ U.S. Foreclosure Market Report.
The metro area reported 3,675 properties entering some stage of foreclosure, up from 2,107 the previous month and a foreclosure rate of one new foreclosure filing for every 890 households — 1.2 times the national average but still slightly below the state average.
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, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.
“Despite this big spike in foreclosures the foreclosure rate in Los Angeles is still just barely above the national average, evidence that the region’s foreclosures have been at record-low levels over the past five years,” said James J. Saccacio, chief executive officer of RealtyTrac. “But with four straight months of increasing foreclosures, it’s also evident that rising interest rates, slowing home price appreciation and large inventories of homes for sale are making it harder for homeowners to avoid default or stop foreclosure.”
The city’s foreclosure rate was the median rate among five of the nation’s top metropolitan areas. Foreclosure rates in Dallas and Chicago were higher than the foreclosure rate in Los Angeles. Foreclosure rates in New York and Philadelphia were lower than the foreclosure rate in Los Angeles.
The foreclosure rate in nearby Orange County stayed below the national average despite a 43 percent jump in foreclosure activity. The county reported 866 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 1,119 households.
Riverside and San Bernardino counties each documented more than 1,700 new foreclosure filings and foreclosure rates that ranked first and second highest in the state. Riverside County ranked first with 1,772 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 330 households, and San Bernardino ranked second with 1,776 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 339 households.
California reported 14,806 properties entering some stage of foreclosure in September, the most of any state and a 19 percent increase from the previous month. The state’s foreclosure rate of one new foreclosure filing for every 825 households was 1.3 times the national average.
A total of 112,210 properties nationwide entered some stage of foreclosure in September, a decrease of less than 1 percent from the previous month but an increase of more than 63 percent from September 2005. The nation’s foreclosure rate of one new foreclosure filing for every 1,030 households was the third highest national foreclosure rate reported this year.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, statewide and by county in the Los Angeles Metropolitan Statistical Area Division 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 repossessed by a bank).
About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (http://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 MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit http://www.realtytrac.com/.
Order Customized Reports
Detailed and historical foreclosure data used to create the above report may bepurchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext.158. Aggregate data is available at the state, metro, county and zip codelevels dating back to 2005, and address-level foreclosure records are alsoavailable historically.
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Detailed & Historical Data:
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