California Foreclosure Activity Continues Upward in January

State tallies second straight monthly increase; rate still 3rd highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 67,072 California properties in January, a 2 percent increase from December and the second consecutive monthly increase in total activity. On a year-over-year basis the state’s foreclosure total is nearly 7 percent below the level reported for January 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 200 California housing units received a foreclosure filing in January, the third highest state foreclosure rate in the nation for the third consecutive month.

 

January was the 49th consecutive month that the Golden State maintained its status as the nation’s foreclosure leader. Remaining in sole possession of the nation’s number two spot for that same time period, Florida reported 21,671 properties with foreclosure filings for the month. Michigan came in a distant third, reporting 15,716 properties with foreclosure filings, followed by fourth place Arizona, where 15,757 properties with foreclosure filings were reported. Fifth highest foreclosure total was reported in Texas, where 14,897 properties with foreclosure filings were tallied.

 

The rest of January’s top 10 foreclosure states included Illinois (13,164), Georgia (12,772), Nevada (12,263), Ohio (8,924) and New Jersey (5,526). The nation’s top five states accounted for 52 percent of all foreclosure activity for the month.

 

Stanislaus County posts state’s top foreclosure rate in January

With one in every 111 housing units receiving a foreclosure filing in January — 4.5 times the national average and 1.8 times the state average — Stanislaus County posted the highest foreclosure rate of all California counties. Riverside, San Joaquin and Calaveras counties tied for second highest foreclosure rate, with one in every 114 housing units receiving a foreclosure filing during the month — 4.3 times the national average and 1.8 times the state average. One in every 128 housing units in Madera County received a foreclosure filing during the month, the fifth highest foreclosure rate in the state — 3.9 times the national average and 1.6 times the state average.

 

Los Angeles County starts 2011 where it left off in 2010 — top of the heap

Los Angeles County started off 2011 reporting 14,068 properties with foreclosure filings in January, continuing to lead the state as it did for all of 2010 with the highest level of foreclosure activity of any county. Riverside County tallied the second highest total in the state, reporting 6,819 properties with foreclosure filings. Third highest was San Bernardino County, where 5,383 properties with foreclosure filings were reported. San Diego came in fourth, reporting 4,390 properties with foreclosure filings, followed by Sacramento County, where 3,936 properties with foreclosure filings were reported for the month.

 

State the major contributing factor to the nation’s foreclosure total in January

California accounted for 26 percent of the 261,333 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by more than 1 percent from December, but was down more than 17 percent from the level reported in January 2010. One in every 497 U.S. housing units received a foreclosure filing during the month.

 

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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.

 

California Top Foreclosure Rates By County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

n/a

n/a

California

24,162

0

27,017

0

15,893

67,072

200

2.48

n/a

 

 

 

 

 

 

 

 

 

 

Stanislaus

491

0

616

0

471

1,578

111

4.48

1.80

Riverside

2,236

0

2,987

0

1,596

6,819

114

4.38

1.76

San Joaquin

652

0

802

0

558

2,012

114

4.37

1.76

Calaveras

97

0

80

0

63

240

114

4.35

1.75

Madera

134

0

126

0

127

387

128

3.89

1.57

 

 

California Top Foreclosure Totals by County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 10

% Chg Jan 10

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

1.39

-17.23

California

24,162

0

27,017

0

15,893

67,072

200

1.76

-6.61

 

 

 

 

 

 

 

 

 

 

Los Angeles

5,157

0

5,937

0

2,974

14,068

241

9.85

-13.03

Riverside

2,236

0

2,987

0

1,596

6,819

114

2.88

-2.46

San Bernardino

1,849

0

2,205

0

1,329

5,383

128

-7.29

-15.68

San Diego

1,491

0

1,876

0

1,023

4,390

260

-8.79

-17.15

Sacramento

1,327

0

1,461

0

1,148

3,936

140

5.04

3.88

 

 

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