LOS ANGELES FORECLOSURE RATE STABILIZES ACCORDING TO REALTYTRAC™ JULY U.S. FORECLOSURE MARKET REPORT
Orange County Foreclosure Rates Drop by 8.9 Percent, Remain Among Lowest in State; California Foreclosures Decrease 15.4 Percent.
Irvine, Calif. – August 25, 2005 – Los Angeles foreclosures dropped 12.5 percent in July after a 41 percent increase the previous month, according to the RealtyTrac™ Monthly U.S. Foreclosure Market Report.
RealtyTrac Inc. (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.
For the fourth month in a row, Los Angeles reported the lowest foreclosure rate among the nation’s top-five metropolitan areas with one foreclosure for every 3,151 households. New York, Chicago, Philadelphia and Dallas all recorded higher foreclosure rates.
“While it’s still significantly higher than it was earlier in the year, Los Angeles foreclosure rates still reflect a strong real estate market in the region,” said James J. Saccacio, RealtyTrac chief executive officer. “We’ll see if the rate continues to fluctuate in coming months.”
Statewide, 3,964 properties entered some stage of foreclosure in July — a 15.4 percent decrease from June. The decrease lowered California’s foreclosure rate to just slightly above that of Los Angeles and less than half of the national average.
Foreclosures fell at a slower pace in Orange County, which reported 234 new foreclosures in July — an 8.9-percent decrease. But with one foreclosure for every 4,143 households, the county’s foreclosure rate stayed well below the state average.
Riverside County foreclosures declined 21.2 percent, enough to push the county’s foreclosure rate below the national average. But with one foreclosure for every 1,690 households, the foreclosure rate remained above the state average for the fourth consecutive month.
In contrast, foreclosures in San Bernardino County increased 9.2 percent in July with 439 properties entering some stage of foreclosure. The county reported one foreclosure for every 1,370 households, a foreclosure rate more the twice the national average.
The number of properties entering some stage of foreclosure nationwide rose to 78,979 in July, a 4.7 percent increase from June and the most new foreclosures reported in any month year-to-date. New foreclosures have jumped more than 12 percent in the last two months, pushing the nation’s foreclosure rate to one foreclosure for every 1,465 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 7/2005||0||6||0||0||17||23||13.73|
|New Hampshire 7/2005||0||12||0||0||12||24||9.80|
|New Jersey 7/2005||1274||655||0||0||63||1992||68.63|
|New Mexico 7/2005||260||133||0||0||100||493||70.59|
|New York 7/2005||0||0||1058||2018||91||3167||53.92|
|North Carolina 7/2005||24||364||0||0||1060||1448||53.92|
|North Dakota 7/2005||0||0||0||0||7||7||4.90|
|Rhode Island 7/2005||0||7||0||0||0||7||1.96|
|South Carolina 7/2005||41||179||0||0||415||635||48.04|
|South Dakota 7/2005||2||3||0||0||10||15||11.76|
|West Virginia 7/2005||0||222||0||0||27||249||39.22|
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