LOS ANGELES AREA FORECLOSURES DECREASE 27 PERCENT ACCORDING TO REALTYTRAC™ APRIL U.S. FORECLOSURE MARKET REPORT
Orange, Riverside and San Bernardino Counties Also See Foreclosure Rates Drop
California Foreclosures Down 20 Percent
Irvine, Calif. – May 16, 2006 – Foreclosure filings in the Los Angeles area decreased 27 percent in April, offsetting the previous month’s spike in foreclosure activity and lowering the region’s foreclosure rate slightly below the national average, according to the RealtyTrac™ April 2006 U.S. Foreclosure Market Report. The four-county metropolitan area recorded 4,164 properties entering some stage of foreclosure and a foreclosure rate of one foreclosure filing for every 1,303 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.
“After climbing above the national average last month, the Los Angeles area foreclosure rate experienced a fairly sharp correction in April,” said James J. Saccacio, chief executive officer of RealtyTrac. “The area continues to boast low unemployment, solid demand for housing and steady home price appreciation, all of which have thus far kept foreclosures in check.”
Foreclosure rates in Chicago, Philadelphia and Dallas-Fort Worth were higher than the foreclosure rate in Los Angeles. New York City continued to document a lower foreclosure rate than Los Angeles.
Los Angeles County reported fewer foreclosure filings for the second straight month, with a total of 2,094 properties entering some stage of foreclosure in April. That was a 16 percent decrease from the previous month and a foreclosure rate of one foreclosure filing for every 1,562 households, comfortably below the national average.
Orange County’s foreclosure rate of one foreclosure filing for every 2,218 households remained close to one-half the national average even though the county reported a relatively small decrease in foreclosure activity. A total of 437 Orange County properties entered some stage of foreclosure in April, a 4 percent decrease from the previous month.
Foreclosure activity also decreased in Riverside and San Bernardino counties in April, but foreclosure rates in both counties continued to register above the national average. Riverside County reported 949 properties entering some stage of foreclosure, a 41 percent decrease from the previous month and a foreclosure rate of one foreclosure filing for every 616 households — more than twice the national average. San Bernardino County reported 684 properties entering some stage of foreclosure, a 38 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 879 households — 1.4 times the national average.
After increasing 22 percent the previous month, California foreclosures decreased 20 percent in April, with 8,839 properties entering some stage of foreclosure during the month. The state’s foreclosure rate of one foreclosure filing for every 1,382 households registered below the national average.
Nationwide a total of 91,168 properties entered some stage of foreclosure in April, a 10 percent decrease from the previous month but a 33 percent year-over-year increase from April 2005. April marked the second straight month of decreasing U.S foreclosure activity, but the nation’s April foreclosure rate of one foreclosure filing for every 1,268 households was still higher than in any month in 2005.
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 foreclosed on and repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
1 in every #households
|%Change prev. month|
|Los Angeles Metro||3,769||322||0||0||73||4,164||1,303||-27|
|Los Angeles County||1,909||155||0||0||30||2,094||1,562||-16|
|San Bernardino County||633||633||0||0||9||684||879||-38|
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 600,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts more than 2 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations