California Foreclosure Activity Level Decreases in April

17 Straight Months of Yearly Declines; state still 3rd highest foreclosure rate

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 55,869 California properties in April, down 7 percent from March and 20 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report. Year-over-year foreclosure activity levels in California have declined for 17 consecutive months.

 

One in every 240 California housing units received a foreclosure filing in April, keeping it in position as the state with nation’s third highest foreclosure rate, where it has remained since November 2010.

 

Since January 2007, The Golden State has continued to lead the nation in total monthly foreclosure activity and April is no exception. Florida kept its status as the state with the second highest activity level, reporting 19,649 properties with foreclosure filings for the month. Arizona did likewise as the state with the third highest total, tallying 13,419 properties with foreclosure filings. Michigan stayed in fourth place, reporting 12,996 properties with foreclosure filings. Nevada moved up one notch to fifth highest foreclosure total reporting 11,761 properties with foreclosure filings for the month.

 

The rest of the states in the nation’s top 10 for April included Illinois (10,055), Texas (8,793), Georgia (8,479), Ohio (7,962) and Colorado (4,379). The top five states accounted for 52 percent of the nation’s total foreclosure activity for the month.

 

Yuba County tops in foreclosure rate for April

One in every 125 housing units in Yuba County received a foreclosure filing in April — 4.7 times the national average and 1.9 times the state average –the highest foreclosure rate of all California counties. Second highest rate was reported in Stanislaus County, where one in every 136 housing units received a foreclosure filing during the month — 4.4 times the national average and 1.8 times the state average. San Joaquin County came in third, with one in every 138 housing units receiving a foreclosure filing during the month — 4.3 times the national average and 1.8 times the state average.

 

Southern California continues to dominate state foreclosure totals in April

Statewide foreclosure activity was dominated once again by counties in Southern California during April. Los Angeles County continues to lead all counties, reporting 11,946 properties with foreclosure filings for the month. Riverside County was second highest, reporting 5,350 properties with foreclosure filings. Third highest in the state was San Bernardino County, where 4,716 properties with foreclosure filings were reported. San Diego was fourth highest, tallying 3,640 properties with foreclosure filings. Fifth highest was Sacramento County, where 3,630 properties with foreclosure filings were reported for the month.

 

State far and away the largest contributor to nation’s foreclosure crisis in April

California alone accounted for 25 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

California

22,599

0

19,529

0

13,741

55,869

240

2.47

n/a

 

 

 

 

 

 

 

 

 

 

Yuba

78

0

64

0

88

230

125

4.74

1.92

Stanislaus

443

0

442

0

402

1,287

136

4.35

1.77

San Joaquin

618

0

541

0

504

1,663

138

4.31

1.75

Riverside

2,182

0

1,808

0

1,360

5,350

145

4.09

1.66

San Bernardino

1,816

0

1,606

0

1,294

4,716

146

4.06

1.65

 

 

California Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

California

22,599

0

19,529

0

13,741

55,869

240

-7.26

-19.87

 

 

 

 

 

 

 

 

 

 

Los Angeles

4,936

0

4,590

0

2,420

11,946

284

-1.86

-17.41

Riverside

2,182

0

1,808

0

1,360

5,350

145

-5.68

-26.86

San Bernardino

1,816

0

1,606

0

1,294

4,716

146

8.14

-19.60

San Diego

1,539

0

1,321

0

780

3,640

314

-22.35

-31.14

Sacramento

1,383

0

1,169

0

1,078

3,630

152

18.36

-8.77

 

 

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