RIVERSIDE-SAN BERNARDINO METRO FORECLOSURE ACTIVITY DOWN 8 PERCENT IN JANUARY

IRVINE, Calif. – Feb. 27, 2009 – Foreclosure filings were reported on 17,629 properties in the Riverside-San Bernardino, Calif. metro area in January, down 8 percent from the previous month, but still 31 percent higher than in January 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 81 metro housing units received a foreclosure filing during the month, ranking the metro area’s foreclosure rate fourth highest among the 203 metro areas 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 in the Riverside-San Bernardino metro area finally slowed a bit between December 2008 and January, although activity remained well above the level seen one year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still the national leader in terms of foreclosures, Riverside-San Bernardino has recently seen an increase in real estate sales as prospective buyers take advantage of the embattled market’s falling prices.”

 

Comprised of two Southern California counties, the Riverside-San Bernardino metro area led the nation in total properties with foreclosure filings in January, barely beating out second place Los Angeles-Long Beach by only 61 filings.  Chicago-Naperville, Ill., came in a close third, reporting 13,484 properties with foreclosure filings, followed by fourth highest Las Vegas, reporting 12,499 properties with foreclosure filings. The remaining metro areas in the nation’s top 10 included Phoenix, Miami-Fort Lauderdale, Atlanta, Detroit, Sacramento and San Francisco.

 

Individually, Riverside County posted the second highest foreclosure rate in California, with one in every 77 housing units receiving a foreclosure filing during the month — 2.3 times the state average and 6.1 times the national average. The fifth highest rate in the state was documented by San Bernardino County, where one in every 87 housing units received a foreclosure filing — twice the state average and 5.3 times the national average.

 

California continued to lead nation in foreclosure activity in January

The Golden State led the nation in total foreclosure activity in January, reporting 76,761 properties with foreclosure filings, down 14 percent from the previous month but still up 34 percent ahead of the level reported in January 2008. One in every 173 California housing units received a foreclosure filing during the month, the second highest state foreclosure rate in the nation.

 

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

California accounted for 28 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2009. One in every 466 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 — January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

California

37,693

0

22,731

0

16,337

76,761

173

2.69

n/a

Riverside-

San Bernardino

MSA

8,362

0

5,352

0

3,915

17,629

81

5.72

n/a

 

 

 

 

 

 

 

 

 

 

Riverside

4,399

0

3,179

0

2,249

9,827

77

6.06

2.26

San Bernardino

3,963

0

2,173

0

1,666

7,802

87

5.34

1.99

 

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. (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 homes, with more than 1.3 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 (www.realtytrac.com).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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