LOS ANGELES FORECLOSURES INCREASE FOR THE SECOND STRAIGHT MONTH ACCORDING TO REALTYTRAC™ SEPTEMBER U.S. FORECLOSURE MARKET REPORT
Los Angeles Foreclosure Rate Still Lowest Among Nation’s Top Five Metro Areas; Orange County Foreclosures Up 22 Percent, Still Well Below State and National Rates
Irvine, Calif. – October 25, 2005 – Los Angeles foreclosures increased for a second consecutive month in September, growing by 4.9 percent according to the RealtyTrac™ September 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.
Despite the increase, Los Angeles’ foreclosure rates continued to be the lowest among the nation’s five largest metropolitan areas for the sixth month in a row. New York, Chicago, Philadelphia and Dallas foreclosure rates were all higher than those of Los Angeles.
“While California and Los Angeles foreclosures continue to stay well below the national average, the rates in both the state and the region have been growing for a few months now,” said James J. Saccacio, chief executive officer of RealtyTrac. “Given some of the market conditions that may affect the California homeowner more than homeowners in some other states — such as the increasing interest rates on adjustable rate mortgages — it will be interesting to see if the foreclosure rates continue to escalate in the coming months.”
For the fourth consecutive month, Los Angeles County reported more than 1,000 properties entering some stage of foreclosure, with 1,292 foreclosure properties, or one foreclosure for every 2,532 households. That was two-thirds of the national average and just below the state average of one foreclosure for every 2,446 households. Statewide, foreclosures increased 3.8 percent, with 4,994 properties entering some stage of foreclosure.
Orange County reported 259 properties entering some stage of foreclosure, a 22 percent increase from August. But with one foreclosure for every 3,743 households, the county’s foreclosure rate stayed well below state and national averages.
Foreclosures increased in San Bernardino County for the third straight month, with 468 properties entering some stage of foreclosure — a 3.3 percent increase and one foreclosure for every 1,285 households. The county’s foreclosure rate was 1.3 times the national average and 1.9 times the state average.
Riverside County’s foreclosure rate was also higher than state and national averages despite a 5.1 percent decrease in September foreclosures. The county reported 463 properties entering some stage of foreclosure, one for every 1,263 households.
A total of 68,646 properties nationwide entered some stage of foreclosure in September, a 9.2 percent slide from the previous month and one foreclosure for every 1,685 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