LOS ANGELES FORECLOSURES INCREASE 13 PERCENT ACCORDING TO REALTYTRAC™ JANUARY U.S. FORECLOSURE MARKET REPORT
Orange and Riverside Counties Also Report Rising Foreclosures. California Foreclosures Increase 22 Percent
Irvine, Calif. – Feb. 21, 2006 – Los Angeles foreclosures increased 13 percent in January, the third straight month the city’s foreclosures have moved higher, according to the RealtyTrac™ January 2006 U.S. Foreclosure Market Report. The city’s January foreclosure rate of one new foreclosure for every 1,235 households was higher than any of its monthly foreclosure rates in 2005.
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 and AOL Real Estate.
“Foreclosure rates in the Los Angeles region remain lower than most other major metropolitan areas, but the consistent uptick in foreclosures over the past three months shows there may be some areas of weakness in the still-solid Southern California real estate market,” said James J. Saccacio, chief executive officer of RealtyTrac.
Despite rising foreclosures, the Los Angeles region maintained the second lowest foreclosure rate among the nation’s five largest metropolitan areas. The four-county Los Angeles metropolitan area documented a total of 5,001 properties entering some stage of foreclosure in January, a foreclosure rate of one foreclosure for every 1,085 households and lower than foreclosure rates in the Chicago, Philadelphia and Dallas-Fort Worth metropolitan areas. Only the New York metropolitan area documented a lower foreclosure rate than Los Angeles.
Los Angeles County reported 2,648 properties entering some stage of foreclosure in January, up from 2,350 in December. Pre-foreclosure and foreclosure filings in the county have increased 120 percent since October, when 1,201 properties entered some stage of foreclosure. The county’s foreclosure rate stayed slightly above the state average but dropped below the national average thanks to bigger increases nationwide.
Orange County’s foreclosure rate stayed below state and national averages even though foreclosures there increased for the third consecutive month. The county reported 596 properties entering some stage of foreclosure in January, a 30 percent increase and a foreclosure rate of one foreclosure for every 1,626 households.
San Bernardino and Riverside counties both maintained January foreclosure rates above state and national averages. San Bernardino County reported 863 properties entering some stage of foreclosure, an 11 percent increase and one foreclosure for every 696 households. Riverside County reported 894 properties entering some stage of foreclosure, an 8.5 percent decrease and one foreclosure for every 653 households.
With 9,354 properties entering some stage of foreclosure in January, California experienced a 22 percent increase in new foreclosures, but the state’s foreclosure rate of one foreclosure for every 1,306 households remained below the national foreclosure rate of one foreclosure for every 1,117 households. Nationwide, a total of 103,540 properties entered some stage of foreclosure in January, a 27 percent increase from the previous month and a 45 percent year-over-year increase.
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 re-purchased by a bank).
Below are foreclosure market statistics nationwide and by state:
1 in every #households
|%Change prev. month|
|District of Columbia||1||1||0||0||5||7||39,264||-42|
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