LOS ANGELES FORECLOSURES UP 19 PERCENT ACCORDING TO REALTYTRAC™ AUGUST U.S. FORECLOSURE MARKET REPORT
City’s Foreclosure Rate Still Lowest Among Nation’s Top-Five Metro Areas; California Foreclosures Increase 21 Percent
Irvine, Calif. – October 3, 2005 – Los Angeles foreclosures jumped 19 percent in August, with more than 1,200 properties entering foreclosure during the month, according to the RealtyTrac™ August Monthly 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.
Despite the increase in foreclosures, Los Angeles continued to boast the lowest foreclosure rate among the nation’s five largest metropolitan areas for the fifth month in a row. New York, Chicago, Philadelphia and Dallas all recorded higher foreclosure rates than Los Angeles. Foreclosures increased in all of the major metropolitan areas except for Dallas-Fort Worth.
“While the foreclosure rate in Los Angeles is still low compared to other major cities, the city’s foreclosure numbers have trended upward over the past three months,” said James J. Saccacio, RealtyTrac chief executive officer. “Since May, when there were only 771 foreclosures, the city has reported more than 1,000 foreclosures each month.”
Los Angeles reported 1,232 foreclosures in August, one foreclosure for every 2,655 households. The city’s foreclosure rate was close to half the national average and slightly lower than the state average.
Orange County foreclosures decreased 9 percent in August, with 213 properties entering some stage of foreclosure or foreclosed on. The county recorded one foreclosure for every 4,552 households.
With one foreclosure for every 1,198 households, the foreclosure rate in Riverside County rose to more than two times the state average. The county reported 488 foreclosure properties in August, a 41 percent increase.
San Bernardino County foreclosures increased for the second straight month, with 453 properties entering some stage of foreclosure or foreclosed on — a 3.2 percent increase. With one foreclosure for every 1,328 households, the county’s foreclosure rate was 1.9 times the state average.
Statewide, 4,810 properties entered some stage of foreclosure or were foreclosed on in August — a 21 percent increase from July. But with one foreclosure for every 2,539 households, California’s foreclosure rate was still well below the national average
Foreclosures nationwide dropped 4.3 percent in August after two consecutive months of increases. Still, August’s foreclosure numbers were higher than any other month except for July. A total of 75,599 properties entered some stage of foreclosure or were foreclosed on — one for every 1,530 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:
|District of Columbia 8/2005||0||0||0||0||12||12||17.65|
|New Hampshire 8/2005||1||0||0||0||22||23||15.69|
|New Jersey 8/2005||613||794||0||0||131||1538||60.78|
|New Mexico 8/2005||878||4||0||0||46||928||90.20|
|New York 8/2005||0||0||606||2683||135||3424||58.82|
|North Carolina 8/2005||130||81||0||0||898||1109||50.98|
|North Dakota 8/2005||0||1||0||0||4||5||7.84|
|Rhode Island 8/2005||0||1||0||0||0||1||1.96|
|South Carolina 8/2005||41||12||0||0||305||358||45.10|
|South Dakota 8/2005||1||15||0||0||4||20||25.49|
|West Virginia 8/2005||0||71||0||0||3||74||29.41|
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