RIVERSIDE-SAN BERNARDINO FORECLOSURES INCREASE 52 PERCENT IN AUGUST

Inland Empire Foreclosure Rates Third Highest Among Nation’s Top 10 Metros
California Foreclosures Up 25 Percent

IRVINE, Calif. – Sept. 24, 2006 – Foreclosure activity in Southern California’s Riverside and San Bernardino counties increased 52 percent in August, boosting the region’s foreclosure rate to more than twice the national average and third highest among the nation’s 10 largest metropolitan areas, according to the August 2006 RealtyTrac™ U.S. Foreclosure Market Report.

The two-county metro area reported 2,717 properties entering some stage of foreclosure during the month, a foreclosure rate of one new foreclosure filing for every 437 households.

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

“This jump in foreclosure activity lands the Inland Empire squarely in the thick of the U.S. metros with the highest foreclosure rates,” said James J. Saccacio, chief executive officer of RealtyTrac. “A sharp drop in the area’s home price appreciation in the second quarter no doubt contributed to the jump in foreclosures, making it harder for investors who bought when the market was hot to resell for enough to turn a profit, let alone break even. The longer the property stays on the market, the harder it becomes for the investor to keep up with the monthly mortgage payments.”

The Riverside-San Bernardino metro area documented a higher foreclosure rate than Houston, Chicago, Phoenix, Philadelphia, Los Angeles, New York and Washington. Foreclosure rates in Dallas and Atlanta were higher than the foreclosure rate in Riverside-San Bernardino.

Riverside County reported 1,627 properties entering some stage of foreclosure in August, a 73 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 359 households — 2.8 times the national average.

San Bernardino County reported 1,090 properties entering some stage of foreclosure, an increase of more than 28 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 552 households — 1.8 times the national average.

California foreclosure activity increased 25 percent from the previous month, with 12,506 properties entering some stage of foreclosure — the third most of any state and more than twice the number reported in August 2005. The state’s foreclosure rate of one new foreclosure filing for every 977 households registered slightly above the national average.

U.S. foreclosure activity increased 24 percent in August, with 115,292 properties entering some stage of foreclosure during the month — the second highest number reported in any month year to date and one new foreclosure filing for every 1,003 households.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, statewide and by county in the Riverside-San Bernardino-Ontario Metropolitan Statistical Area. 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).

 

Riverside-San Bernardino Area Foreclosure Market Statistics – Aug 2006

Geography NOD NTS NFS LIS REO Total 1 in every # households /National Average

US

20,611

45,704

7,328

21,533

20,116

115,292

1,003

California

10,862

1,437

0

0

207

12,506

977

1.027

Riverside-San Bernardino MSA

2,510

167

0

0

40

2,717

437

2.298

Riverside County

1,514

92

0

0

21

1,627

359

2.791

San Bernardino County

996

75

0

0

19

1,090

552

1.818

About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (http://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, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit http://www.realtytrac.com/.

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Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com

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