California Foreclosure Activity Down in First Quarter

Filings slide 4 percent from Q4 2010, drop 22 percent from a year ago

State’s foreclosure rate 3rd highest in the nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 168,543 California properties during the first quarter of 2011, down 4 percent from the fourth quarter of 2010 and 22 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state posted the third highest foreclosure rate in the nation, with one in every 80 California housing units receiving a foreclosure filing during the quarter.

 

Foreclosure filings were reported on 60,241 California properties in March, a 7 percent increase from February but down 35 percent from March 2010. One in every 223 California housing units received a foreclosure filing in March, the third highest state foreclosure rate in the nation for the fifth consecutive month.

 

The Golden State has led the country in quarterly foreclosure totals for 17 consecutive quarters now, followed by Florida, which reported 58,322 properties with foreclosure filings during Q1 2011. Third highest total for the quarter was tallied in Arizona, where 46,047 properties with foreclosure filings were reported. Georgia narrowly beat out Michigan for fourth highest total, reporting 37,509 properties with foreclosure filings. Reporting 37,506 properties with foreclosure filings for the period, Michigan ranked fifth highest.

 

The rest of the nation’s top 10 state foreclosure totals for the first quarter of the year included Texas (34,646), Illinois (33,092), Nevada (32,066), Ohio (24,697) and Colorado (13,847). The top five states accounted for 51 percent of the nation’s total quarterly foreclosure activity.

 

Two counties tie for top foreclosure rate honors in the first quarter

One in every 46 housing units in Stanislaus and Riverside counties received a foreclosure filing during the first quarter of 2011. For Stanislaus County the rate was 4.2 times the national average and 1.7 times the state average, while in Riverside County the same rate was 4.1 times the national average and 1.7 times the state average. One in every 47 housing units in San Joaquin County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — four times the national average and 1.7 times the state average.

 

Southern California counties lead state in foreclosure activity for first quarter

Southern California dominated the state in total foreclosure activity for the first quarter. Los Angeles County led the way, reporting 35,497 properties with foreclosure filings during the quarter. Riverside County was second highest in the state, reporting 16,688 properties with foreclosure filings. Third highest total was tallied in San Bernardino County, where 13,171 properties with foreclosure filings were reported. Reporting 11,784 properties with foreclosure filings for the quarter, San Diego County registered the fourth highest total in the state. Fifth highest was Orange County, where 9,586 properties with foreclosure filings were reported for the quarter.

 

State the largest contributor to nation’s foreclosure total in first quarter

California accounted for 25 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

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 – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

California

69,299

0

59,448

0

39,796

168,543

80

2.39

n/a

 

 

 

 

 

 

 

 

 

 

Stanislaus

1,395

0

1,244

0

1,170

3,809

46

4.15

1.73

Riverside

6,519

0

5,885

0

4,284

16,688

46

4.11

1.72

San Joaquin

1,764

0

1,628

0

1,429

4,821

47

4.02

1.68

Solano

1,238

0

1,023

0

850

3,111

48

3.93

1.64

Madera

411

0

302

0

298

1,011

49

3.90

1.63

 

 

 

 

 

California Top Foreclosure Totals by County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

California

69,299

0

59,448

0

39,796

168,543

80

-3.57

-22.07

 

 

 

 

 

 

 

 

 

 

Los Angeles

15,223

0

13,521

0

6,753

35,497

96

1.61

-23.58

Riverside

6,519

0

5,885

0

4,284

16,688

46

-2.73

-26.55

San Bernardino

5,178

0

4,678

0

3,315

13,171

52

-11.57

-27.94

San Diego

4,780

0

4,316

0

2,688

11,784

97

-4.91

-28.88

Orange

4,456

0

3,562

0

1,568

9,586

108

-1.29

-25.35

 

 

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