Riverside-San Bernardino Metro Area Foreclosures Up in May

Metro area filings up 4 percent from April; down 29 percent from year ago

 

Foreclosure activity in the Riverside-San Bernardino metro area rose 4 percent in May to 13,679 properties with foreclosure filings. However, this latest metro area total represents a 29 percent decline from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Riverside-San Bernardino metro area’s foreclosure activity ticked up slightly in May, although it remained below the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the area continues to fall but, at 14 percent, remains much higher than both the national and state averages.”

 

The Riverside-San Bernardino metro area had the fourth 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 106 Riverside-San Bernardino metro housing units received a foreclosure filing in May, ranking seventh among the same 203 metro areas.

 

San Bernardino County led the metro area in foreclosure rate for May

San Bernardino County posted the metro’s highest county foreclosure rate, with one in every 105 housing units receiving a foreclosure filing — 3.8 times the national average and 1.8 times the state average. Riverside County came in second, with one in every 108 housing units receiving a foreclosure filing — 3.7 times the national average and 1.7 times the state average.

 

Riverside County tops in foreclosure total for May

Riverside County led the metro area, reporting 7,141 properties with foreclosure filings for the month. San Bernardino County was second, documenting 6,538 properties with foreclosure filings.

 

State maintains top rank nationally in foreclosure filings

California reported 72,030 properties with foreclosure filings for the month, giving it the highest state total in the nation. This latest total represents a 3 percent increase from the previous month, but is 22 percent below the level reported in May 2009. One in every 186 California housing units received a foreclosure filing during the month, the fourth highest state foreclosure rate in the nation.

 

State is top contributor to nation’s monthly foreclosure total in May

California accounted for 22 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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.

 

 

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

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

California

24,669

0

31,415

0

15,946

72,030

186

2.15

n/a

Riverside-SB Metro Area

4,331

0

6,087

0

3,261

13,679

106

3.76

n/a

 

 

 

 

 

 

 

 

 

 

San Bernardino

2,179

0

2,866

0

1,493

6,538

105

3.80

1.77

Riverside

2,152

0

3,221

0

1,768

7,141

108

3.71

1.73

 

 

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

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

California

24,669

0

31,415

0

15,946

72,030

186

3.31

-21.92

Riverside-SB Metro Area

4331

0

6087

0

3261

13,679

106

3.78

-28.80

 

 

 

 

 

 

 

 

 

 

Riverside

2,152

0

3,221

0

1,768

7,141

108

-2.38

-33.78

San Bernardino

2,179

0

2,866

0

1,493

6,538

105

11.46

-22.43

 

 

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