RIVERSIDE-SAN BERNARDINO METRO FORECLOSURE ACTIVITY UP 2 PERCENT IN FEBRUARY

Activity Level Up 63 Percent From a Year Ago

 

IRVINE, Calif. – March 27, 2009 – Foreclosure filings were reported on 18,040 properties in the Riverside-San Bernardino, Calif., metro area in February, up 2 percent from the previous month and 63 percent higher than in February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 80 metro housing units received a foreclosure filing during the month, ranking the metro area’s foreclosure rate sixth 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 increased slightly in the Riverside-San Bernardino metro area in February and remained well above the level seen at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even with employment dropping, the metro area has recently had a spate of recent sales activity as prospective buyers take advantage of falling home prices.”

 

Comprised of two Southern California counties, the Riverside-San Bernardino metro area was second in the nation in total properties with foreclosure filings in February, barely trailing first place Los Angeles-Long Beach.  Phoenix came in third, reporting 15,159 properties with foreclosure filings, followed by fourth highest Las Vegas, reporting 13,100 properties with foreclosure filings. The Chicago metroplex ranked fifth highest, reporting 12,774 properties with foreclosure filings for the month. The remaining metro areas in the nation’s top 10 included Miami-Fort Lauderdale, Atlanta, Orlando, Detroit and San Francisco.

 

Individually, Riverside County posted the fourth highest foreclosure rate in California, with one in every 77 housing units receiving a foreclosure filing during the month — 2.1 times the state average and 5.7 times the national average. The sixth highest rate in the state was documented by San Bernardino County, where one in every 82 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 February

The Golden State led the nation in total foreclosure activity in February, reporting 80,775 properties with foreclosure filings up 5 percent from the previous month and 51 percent ahead of the level reported in February 2008. One in every 165 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 February

California accounted for 28 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 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

February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

California

43,072

0

18,831

0

18,872

80,775

165

2.67

n/a

Riverside-

San Bernardino

MSA

9,504

0

3,983

0

4,553

18,040

80

5.50

n/a

 

 

 

 

 

 

 

 

 

 

Riverside

5,059

0

2,234

0

2,490

9,783

77

5.70

2.13

San Bernardino

4,445

0

1,749

0

2,063

8,257

82

5.34

2.00

 

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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