LOS ANGELES AREA FORECLOSURES INCREASE 21 PERCENT ACCORDING TO REALTYTRAC™ MARCH U.S. FORECLOSURE MARKET REPORT
Orange, Riverside and San Bernardino Counties All Post Increases. California Foreclosures Up 22 Percent.
Irvine, Calif. – April 18, 2006 – More foreclosure filings in the Inland Empire and Orange County boosted Los Angeles metro area foreclosures by 21 percent in March despite a decrease in Los Angeles County foreclosures, according to the RealtyTrac™ March 2006 U.S. Foreclosure Market Report. The four-county metropolitan area reported 5,678 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure for every 956 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.
“Los Angeles area foreclosures climbed at the fastest pace of the nation’s top five metro areas in March, although the region’s foreclosure rate is still second lowest among those metro areas,” said James J. Saccacio, chief executive officer of RealtyTrac. “Coupled with a decrease nationwide, the increase in Los Angeles pushed the area’s foreclosure rate back above the national average.”
Foreclosure rates in Chicago, Philadelphia and Dallas-Fort Worth were higher than the foreclosure rate in Los Angeles, and New York City continued to document a lower foreclosure rate than Los Angeles.
Los Angeles County, the only county in the metropolitan area to report decreasing foreclosures, reported 2,497 properties entering some stage of foreclosure in March, a 7 percent decrease from the previous month and a foreclosure rate of one new foreclosure for every 1,310 households. The county’s foreclosure rate registered below state and national averages.
Orange County’s foreclosure rate of one new foreclosure for every 2,126 households was also below state and national averages even though the county reported an 8 percent increase in new foreclosures, with 456 properties entering some stage of foreclosure in March.
The Inland Empire documented the bulk of the region’s new foreclosure filings in March, with a total of 2,725 properties entering some stage of foreclosure in Riverside and San Bernardino counties. Riverside County reported 1,622 new foreclosures, a 59 percent increase from the previous month and a foreclosure rate of one new foreclosure for every 360 households — more than three times the national average. San Bernardino County’s foreclosure rate of one new foreclosure for every 545 households was more than two times the national average, and the county reported 1,103 new foreclosures in March.
Thanks to a 22 percent increase in new foreclosures, California’s foreclosure rate rose slightly above the national average in March. The state reported 11,073 properties entering some stage of foreclosure, the second most of any state and a foreclosure rate of one new foreclosure for every 1,103 households.
Nationwide a total of 101,597 properties entered some stage of foreclosure in March, a 13 percent decrease from the previous month but a 63 percent year-over-year increase from March 2005. The U.S. documented a March foreclosure rate of one new foreclosure for every 1,138 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 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||4,811||790||0||0||77||5,678||956||21|
|Los Angeles County||2,070||397||0||0||30||2,497||1,310||-7|
|San Bernardino County||965||127||0||0||11||1,103||545||91|
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