Riverside-San Bernardino Metro Area Foreclosure

Metro area filings down 4 percent from January

 

Foreclosure activity in the Riverside-San Bernardino metro area declined in February to 12,840 properties with foreclosure filings, down 4 percent from the previous month and 29 percent below the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Amid a rise in foreclosure filings in other parts of the country, the Riverside-San Bernardino metro area reported a slow down in activity in February, with fewer filings reported on both a monthly and yearly basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though this recent improvement is welcome news to area residents, of critical concern is metro area’s high unemployment rate, which recently topped 15 percent.”

 

The Riverside-San Bernardino metro area had the fifth highest foreclosure total in the nation among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 113 Riverside-San Bernardino metro area housing units received a foreclosure filing in February, ranking fourth among the same 203 metro areas in terms of foreclosure rate.

 

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

With one in every 108 housing units receiving a foreclosure filing — 3.9 times the national average and 1.8 times the state average — Riverside County posted the metro area’s highest county foreclosure rate in February. Riverside County also had the top foreclosure total for the month, reporting 7,140 properties with a foreclosure filing.

 

With one in every 121 housing units receiving a foreclosure filing — 3.5 times the national average and 1.6 times the state average — San Bernardino County had the second highest foreclosure rate in the metro area. Reporting 5,700 properties with foreclosure filings for the month, San Bernardino County also ranked second in terms of total filings.

 

State tops nationally in total foreclosure filings for February

California reported 68,562 properties with foreclosure filings for the month, giving it the highest state total in the nation. This latest total represents a 5 percent decrease from the previous month and is 15 percent below the level reported in February 2009. One in every 195 California housing units received a foreclosure filing during the month, the fourth highest state foreclosure rate in the nation.

 

State the top contributor to nation’s monthly foreclosure total

California accounted for 22 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

California

30,128

0

25,888

0

12,546

68,562

195

2.14

n/a

Riverside-San Bernardino Metro Area

5,456

0

5,001

0

2,383

12,840

113

3.69

n/a

 

 

 

 

 

 

 

 

 

 

Riverside

3,136

0

2,746

0

1,258

7,140

108

3.88

1.81

San Bernardino

2,320

0

2,255

0

1,125

5,700

121

3.47

1.62

 

 

Riverside-San Bernardino metro area Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

California

30,128

0

25,888

0

12,546

68,562

195

-4.53

-15.12

Riverside-San Bernardino Metro Area

5,456

0

5,001

0

2,383

12,840

113

-4.00

-28.82

 

 

 

 

 

 

 

 

 

 

Riverside

3,136

0

2,746

0

1,258

7,140

108

2.13

-27.02

San Bernardino

2,320

0

2,255

0

1,125

5,700

121

-10.71

-30.97

 

 

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