California Foreclosure Activity Declines in October

Filings down 11 percent from September; rate still 4th highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 66,475 California properties in October, an 11 percent decrease from the previous month and 22 percent below the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 201 California housing units received a foreclosure filing in October, maintaining the state’s status as the fourth highest foreclosure rate in the nation for yet another month.

 

“October continued the monthly trend we have been seeing in California through most of 2010 so far, with activity levels declining on both a monthly and yearly basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline for the month was in the number of properties being repossessed by banks (REOs) which were down 23 percent from September. The number of new defaults and auction were also down for the month, 9 percent and 8 percent respectively.

 

“Still, California remains at the top of the nation’s foreclosure heap, with a statewide unemployment rate well above the national average at or above 12 percent for over a year now. Plus, although existing home sales were up slightly for the month, the median home price was down and the level of housing inventory rose in September, giving cause for continued concern for the overall health of the state’s real estate market going forward,” Saccacio said.

 

Florida remained in sole possession of second place, reporting 56,858 properties with foreclosure filings in October. Michigan maintained its third place ranking for the third consecutive month, reporting 19,288 properties with foreclosure filings for the month. Illinois moved up two spots to rank the fourth highest foreclosure total, tallying 16,969 properties with foreclosure filings, narrowly beating out fifth place Arizona, which moved down one spot reporting 16,538 properties with foreclosure filings for the month.

 

The remaining states in the nation’s foreclosure top 10 for October were Georgia (14,850), Nevada (14,205), Ohio (13,233), Texas (13,008) and Washington (6,346). The nation’s top 10 accounted for 72 percent of all foreclosure filings in the nation for the month.

 

Imperial County posts state’s top foreclosure rate for October

One in every 83 housing units received a foreclosure filing in Imperial County during October — 4.7 times the national average and 2.4 times the state average, the highest county foreclosure rate in the state for the month. Stanislaus County registered the second highest rate, with one in every 102 housing units receiving a foreclosure filing during the month — 3.8 times the national average and twice the state average. Madera County was third highest, with one in every 108 housing units receiving a foreclosure filing — 3.6 times the national average and 1.9 times the state average.

 

Four So Cal counties dominate state foreclosure activity in October

Foreclosure activity was heaviest in four Southern California counties during October, led by Los Angeles County, which reported 12,987 properties with foreclosure filings for the month. Riverside County tallied the second highest foreclosure level, reporting 6,498 properties with foreclosure filings. Third highest total was in San Bernardino County, where 6,036 properties with foreclosure filings were reported. Fourth highest was San Diego County, where 4,643 properties with foreclosure filings were reported. Sacramento County was the only northern county to break in the top five for the month, reporting 4,014 properties with foreclosure filings.

 

State remains the largest contributor to nation’s monthly foreclosure total

California accounted for 20 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

California

28,937

0

23,784

0

13,754

66,475

201

1.93

n/a

 

 

 

 

 

 

 

 

 

 

Imperial

404

0

141

0

115

660

83

4.71

2.44

Stanislaus

770

0

578

0

373

1,721

102

3.82

1.98

Madera

245

0

135

0

78

458

108

3.61

1.87

San Bernardino

2,841

0

2,033

0

1,162

6,036

114

3.41

1.77

San Joaquin

744

0

664

0

534

1,942

118

3.30

1.71

 

 

California Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

California

28,937

0

23,784

0

13,754

66,475

201

-11.61

-22.18

 

 

 

 

 

 

 

 

 

 

Los Angeles

5,667

0

5,098

0

2,222

12,987

261

-13.74

-32.29

Riverside

2,764

0

2,371

0

1,363

6,498

118

-12.83

-32.51

San Bernardino

2,841

0

2,033

0

1,162

6,036

114

-3.33

-20.41

San Diego

2,074

0

1,619

0

950

4,643

245

-17.10

-36.60

Sacramento

1,580

0

1,422

0

1,012

4,014

137

-16.65

-12.76

 

 

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