Riverside-San Bernardino Metro Area Foreclosure Activity Down in Second Quarter

Activity level decreases 12 percent from previous quarter

Filings fall 18 percent mid-year; down 7 percent in June

 

The Riverside-San Bernardino Metro Area reported 36,106 properties with foreclosure filings for the second quarter of 2010, a 12 percent decline from the first quarter and 31 percent below the level reported in the second quarter of 2009.

 

Activity in the Riverside-San Bernardino metro area fell during the first half of 2010 as well as for the month of June. For the first six months of the year, the metro area reported 63,717 properties with foreclosure filings, down 18 percent from the second half of 2009 and 23 percent below the level reported mid-year 2009. In June the metro area tallied 12,673 properties with foreclosure filings, a decrease of 7 percent from the previous month and down 41 percent from June 2009.

 

“Foreclosure activity in the Riverside-San Bernardino metro area slowed between the first and second quarter of the year as well as on a semi-annual basis compared to the previous six-month period,” said James J. Saccacio, chief executive officer of RealtyTrac. “While this drop in foreclosure activity is a relief to residents, joblessness continues to plague the area, which reported a substantial rise in unemployment to 14.4 percent in June.”

 

The metro area had the fourth highest foreclosure total in the nation for the quarter among the top 206 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 40 Riverside-San Bernardino metro area housing units received a foreclosure filing in the second quarter, ranking sixth among the metro areas.

 

Riverside County posts metro area’s top foreclosure rate and total for the quarter

Riverside County posted the highest county foreclosure rate in the metro area during the second quarter, as one in every 39 housing units received a foreclosure filing — 3.7 times the national average and 1.8 times the state average. Riverside County also led the metro area in total foreclosures, reporting 19,829 properties with foreclosure filings for the quarter.

 

With one in every 42 housing units receiving a foreclosure filing — 3.4 times the national average and 1.7 times the state average — San Bernardino County had the second highest rate in the metro area. San Bernardino County also had the second highest total, reporting 16,277 properties with foreclosure filings.

 

State top nationally in foreclosure filings

California reported 192,422 properties with foreclosure filings for the quarter, giving it the highest state total in the nation. This latest total represents an 11 percent decrease from the previous quarter and is 24 percent below the level reported in the second quarter 2009. One in every 70 California housing units received a foreclosure filing during the quarter, the fourth highest state foreclosure rate in the nation.

 

State the largest contributor to nation’s quarterly total

Foreclosure activity in California represented 22 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Riverside-San Bernardino Metro Area Top Foreclosure Rates By County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

California

70,650

9

75,998

0

45,765

192,422

70

2.07

n/a

Riverside-San Bernardino MSA

12,834

0

13,910

0

9,362

36,106

40

3.57

n/a

 

 

 

 

 

 

 

 

 

 

Riverside

6,957

0

7,757

0

5,115

19,829

39

3.72

1.79

San Bernardino

5,877

0

6,153

0

4,247

16,277

42

3.41

1.65

 

 

Riverside-San Bernardino Metro Area Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

California

70,650

9

75,998

0

45,765

192,422

70

-11.02

-24.21

Riverside-San Bernardino MSA

12,834

0

13,910

0

9,362

36,106

40

-11.93

-31.32

 

 

 

 

 

 

 

 

 

 

Riverside

6,957

0

7,757

0

5,115

19,829

39

-12.72

-32.56

San Bernardino

5,877

0

6,153

0

4,247

16,277

42

-10.95

-29.76

 

 

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