Defaults Rise inOrange, Riverside Counties; Top Rate in San Bernardino County
IRVINE,Calif. – May 9, 2013 – Foreclosure filings were reported on8,202 Southern California properties in April, down 23 percent from March forthe five-county region, and a 61 percent drop from the level reported for April2012, according to the RealtyTrac® Southern California Foreclosure MarketReport™.
One in every 524 housing units received aforeclosure filing during the month in San Bernardino County, the highestforeclosure rate of the five counties in the region and ranked No. 16 in thestate.
Orange County reported 544 Notices of Default (NODs)in April, a 30 percent increase from March, and the highest level of NODs inthe county so far in 2013. Riverside County reported 750 NODs in April, a 4percent increase from the previous month, and also the highest level of new foreclosurefilings the county has seen this year.
“The increase in NODs is anexpected result of the California Homeowner Bill of Rights that took effect inJanuary,” said Rich Cosner,president of Prudential California Realty covering Orange,Riverside and San Bernardino counties in Southern California. “This increase inNODs will put no downward pressure on prices because demand for property is sohigh. It may move some homeowners, who have been living in their home for along time without making payments, to put their home on the market, but youcould put five times the number of NODs on the market and the homes would besold in less than 30 days.”
The three remaining counties inthe region reported declines in the number of NODs for the month after postingtwo consecutive months of increases in the previous two months. San DiegoCounty NODs were down 13 percent, Los Angeles County NODs were down 8 percentand San Bernardino County NODs were down 4percent.
Even with the highestforeclosure rate in the region for April, at one in every 524 housing unitswith a foreclosure filing, San Bernardino County is at the lowest rate reportedsince August 2006.
Neighboring Riverside County reported arate of one in every 566 housing units with a foreclosure filing in April,ranked No. 21 in the state, but also the lowest rate in the county since August2006.
One in every 986 Los Angeles County housing units hada foreclosure filing in April, ranked No. 41 out of the 58 counties in the statefor the month, and the lowest foreclosure rate reported for the county sinceDecember 2006.
San Diego County reported a foreclosure rateof one in every 1,089 housing units with foreclosure filings, ranking No. 45 inthe state for April, also the lowest county rate reported since December2006.
Reporting one in every 1,142 housing units with aforeclosure filing, Orange County had the lowest foreclosure rate in the regionfor April, ranking No. 47 in the state. As in Los Angeles and San Diegocounties, Orange County’s latest foreclosure rate is also the lowest reportedsince December 2006.
State second largest contributor to nation’s foreclosuretotal in April
California reported 16,161 propertieswith foreclosure filings in April, second only to national leader Florida. TheGolden State’s foreclosure total represents a 13 percent decline from March anda 59 percent decrease from the level reported in April 2012. One in every 843California housing units had a foreclosure filing during the month, the 13thhighest state foreclosure rate in thenation.
High-level national findings from thereport:
- Nationwide, foreclosurefilings were reported on 144,790 U.S. properties in April, a decreaseof 5 percent from the previous month and down 23 percent from April 2012. Totalforeclosure activity in April was at the lowest level since February 2007, a74-month low.
- Scheduledjudicial foreclosure auctions (NFS) increased 22 percentfrom March to April and were up 31 percent from a year ago to the highest levelsince October 2010 — a 30-month high.
- Scheduled foreclosureauctions increased from a year ago in 15 of the 26 judicial or quasi-judicialforeclosure states, including Maryland (199 percent increase), New Jersey (91percent increase), Ohio (73 percent increase), Oklahoma (57 percent increase),and Florida (55 percent). Scheduled foreclosure auctions reached a 68-monthhigh in Ohio, a 31-month high in Maryland, a 27-month high in New Jersey, andan 18-month high in Oklahoma.
- Scheduled non-judicial foreclosure auctions (NTS) in Aprilwere down 7 percent from March and down 43 percent from April 2012 to thelowest level since December 2005 — an 88-month low.
- A total of 70,133 U.S.properties started the foreclosure process in April, down 4 percent from theprevious month and down 28 percent from a year ago.
- Despite the nationwide decline, 22 states reported increasing foreclosurestarts from the previous month, including New Jersey (138 percent increase),Connecticut (46 percent increase), Texas (37 percent increase), Georgia (35percent increase), Oregon (16 percent increase), and California (13 percentincrease). Foreclosure starts reached a 36-month high in Connecticut, a27-month high in New Jersey, and were up on a monthly basis for the thirdconsecutive month in California after hitting a 90-month low in January, when newlegislation impacting the foreclosure process took effect.
- Lenders repossessed 34,997U.S. properties in April, down 20 percent from March and down 32 percent fromApril 2012 to the lowest level since July 2007 — a 69-month low.
- Lender repossessions (REO) decreased from a year ago in 37 states and theDistrict of Columbia in April, but some notable exceptions where REO activityincreased from a year ago included Washington (164 percent increase), Maryland(98 percent increase), Oklahoma (19 percent increase), and Ohio (17 percentincrease).
- Nevada postedthe nation’s highest state foreclosure rate for the second month in a rowdespite a 15 percent monthly decrease in foreclosure activity.
- Akron, Ohio, posted the nation’s highest metro foreclosure rate in April thanksin part to a 147 percent annual increase in overall foreclosure activity. Oneother Ohio city (Columbus), along with five Florida cities, Las Vegas, MyrtleBeach, S.C. and Chicago also registered top 10 metro foreclosure rates inApril.
- As of the beginningof May, A total of 11.3 million mortgages nationwide were seriously underwater,meaning combined amount of mortgages secured by the home was at least 25percent more than the estimated value of the home. That represented 26 percentof all outstanding mortgages, but was down nearly 1.5 million from the 12.8million seriously underwater mortgages in May2012.
The RealtyTrac U.S. Foreclosure MarketReport provides a count of the total number of properties with at least oneforeclosure filing entered into the RealtyTrac database during the month –broken out by type of filing. Some foreclosure filings entered into thedatabase during the month may have been recorded in previous months. Data iscollected from more than 2,200 counties nationwide, and those counties accountfor more than 90 percent of the U.S. population. RealtyTrac’s reportincorporates documents filed in all three phases of foreclosure: Default— Noticeof Default (NOD) and LisPendens (LIS); Auction — Notice of Trustee’s Saleand Notice of Foreclosure Sale (NTS and NFS); and RealEstate Owned, or REOproperties (that have been foreclosed on and repurchased by a bank).The report does not count a property again if it receives the same type offoreclosure filing multiple times within the estimated foreclosure timeframefor the state where the property is located.
The RealtyTrac U.S.Foreclosure Market Report is the result of a proprietary evaluation ofinformation compiled by RealtyTrac; the report and any of the information inwhole or in part can only be quoted, copied, published, re-published,distributed and/or re-distributed or used in any manner if the userspecifically references RealtyTrac as the source for said report and/or any ofthe information set forth within the report.
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RealtyTrac (www.realtytrac.com)is the leading supplier of U.S. real estate data, with more than 1.5 millionactive default, foreclosure auction and bank-owned properties, and more than 1million active for-sale listings on its website, which also provides essentialhousing information for more than 100 million homes nationwide. Thisinformation includes property characteristics, tax assessor records, bankruptcystatus and sales history, along with 20 categories of key housing-related factsprovided by RealtyTrac’s wholly-owned subsidiary, Homefacts®. RealtyTrac’sforeclosure reports and other housing data are relied on by the FederalReserve, U.S. Treasury Department, HUD, numerous state housing and bankingdepartments, investment funds as well as millions of real estate professionalsand consumers, to help evaluate housing trends and make informed decisionsabout real estate.
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