RIVERSIDE-SAN BERNARDINO METRO FORECLOSURE ACTIVITY DOWN 14 PERCENT IN APRIL

Activity Level Up 39 Percent From a Year Ago

 

IRVINE, Calif. – May 29, 2009 – Foreclosure filings were reported on 19,964 properties in the Riverside-San Bernardino, Calif., metro area in April, down 14 percent from the previous month, but still 39 percent higher than in April 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 72 metro housing units received a foreclosure filing during the month, ranking the metro area’s foreclosure rate fifth highest among the 203 large metro areas with populations exceeding 200,000 tracked each month by RealtyTrac.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity decreased in the Riverside-San Bernardino metro area in April, though it remains well elevated from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Despite growing unemployment levels, real estate sales in the area are increasing as prospective buyers take advantage of the embattled market’s excessive level of foreclosure inventory and falling home prices.”

 

Comprised of two Southern California counties, the Riverside-San Bernardino metro area was third in the nation in total properties with foreclosure filings in April, behind the nation-leading Los Angeles-Long Beach metro area, which reported 26,436 properties with foreclosure filings for the month, and second place Miami metro area, with 24,450 properties with foreclosure filing. The Las Vegas metro area came in fourth, reporting 14,073 properties with foreclosure filings. The remaining metro areas in the nation’s top 10 included Phoenix, Chicago, Atlanta, Orlando, San Francisco and New York.

 

Individually, Riverside County posted the fourth highest foreclosure rate in California, with one in every 69 housing units receiving a foreclosure filing during the month — twice the state average and 5.4 times the national average. The sixth highest rate in the state was documented by San Bernardino County, where one in every 75 housing units received a foreclosure filing — 1.8 times the state average and five times the national average.

 

California continued to lead nation in foreclosure activity in April

The Golden State led the nation in total foreclosure activity in April, reporting 96,560 properties with foreclosure filings, down 10 percent from the previous month but still 42 percent ahead of the level reported in April 2009. One in every 138 California housing units received a foreclosure filing during the month, the third highest state foreclosure rate in the nation.

 

State the single largest contributor to nation’s foreclosure total in April

California accounted for 28 percent of the 342,038 properties with foreclosure filings reported nationwide in April. The national total represented a negligible increase in activity from the previous month but was still 32 percent ahead of the total reported for April 2008. One in every 374 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County

April 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

% Chg Mar 09

% Chg Apr 08

 

 

 

 

 

 

 

 

 

 

United States

65,456

76,608

100,559

35,512

63,903

342,038

374

0.25

32.25

California

52,909

0

30,441

0

13,210

96,560

138

-10.41

42.13

Riverside-

San Bernardino

MSA

10,680

0

6,185

0

3,099

19,964

72

-13.80

38.52

 

 

 

 

 

 

 

 

 

 

Riverside

6,019

0

3,393

0

1,519

10,931

69

-13.78

34.83

San Bernardino

4,661

0

2,792

0

1,580

9,033

75

-13.82

43.27

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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