RIVERSIDE-SAN BERNARDINO METRO FORECLOSURE ACTIVITY UP 4 PERCENT IN NOVEMBER

Metro Area Leads Nation in Total Foreclosure Filings for November

Activity Level Up 71 Percent From a Year Ago

 

IRVINE, Calif. – Dec. 31, 2008 – Foreclosure filings were reported on 13,131 properties in the Riverside-San Bernardino, Calif., metro area in November, up 4 percent from the previous month and 71 percent higher than in November 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 107 metro housing units received a foreclosure filing during the month, ranking the metro area’s foreclosure rate sixth highest among the 230 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 metroplex continued to heat up in November and remained well ahead of the activity level reported a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “This metro area continues to be particularly hard hit, with an unemployment rate that is almost 3 percent above the national average, double-digit home price depreciation, lackluster home sales and an overabundance of foreclosures in its housing inventory.

 

Comprised of two Southern California counties, the Riverside-San Bernardino metro area led the nation in total properties with foreclosure filings in November, beating out second place Las Vegas by only 700 filings.  Los Angeles-Long Beach, Calif., came in a close third, reporting 11,247 properties with foreclosure filings, followed by fourth highest Phoenix-Mesa, reporting 11,104 properties with foreclosure filings. The remaining metro areas in the nation’s top 10 included Atlanta, Fort Lauderdale, Tampa-St Petersburg, Miami, Orlando and Chicago.

 

Individually, San Bernardino County posted the fifth highest foreclosure rate in California, with one in every 106 housing units receiving a foreclosure filing during the month — 2.1 times the state average and 4.6 times the national average. The sixth highest rate in the state was documented by Riverside County, where one in every 107 housing units received a foreclosure filing — twice the state average and 4.5 times the national average.

 

California continued to lead nation in foreclosure activity in November

As it has for 26 out of the past 27 months, the Golden State led the nation in total foreclosure activity in November, reporting 60,491 properties with foreclosure filings, up 6 percent from the previous month and 51 percent ahead of the level reported in November 2007. One in every 218 California housing units received a foreclosure filing during the month, the fourth highest state foreclosure rate in the nation.

 

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

California accounted for 23 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 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

November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

California

19,030

0

24,056

0

17,405

60,491

218

2.24

n/a

Riverside-

San Bernardino

MSA

4,299

0

5,037

0

3,795

13,131

 

107

 

1.35

n/a

 

 

 

 

 

 

 

 

 

 

Riverside

2,092

0

2,684

0

2,057

6,833

107

4.55

2.03

San Bernardino

2,207

0

2,353

0

1,738

6,298

106

4.59

2.05

 

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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