California Foreclosure Activity Rebounds in August

Filings increase 3 percent from July; rate remains No. 4 nationally

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 69,143 California properties in August, a 3 percent increase from the previous month but a 25 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

The 25 percent decrease represented the ninth consecutive month the state has reported a year-over-year decline, but California’s total properties with foreclosure filings was still the nation’s highest state total. One in every 194 California housing units received a foreclosure filing during the month, the fourth highest state foreclosure rate in the nation once again.

 

“California has a myriad of economic issues to address, many of which are contributing to the state remaining near the top of the nation’s foreclosure heap,” said James J. Saccacio, chief executive officer of RealtyTrac. “At over 12 percent, unemployment is a major issue that must be addressed before foreclosure levels can start receding. August illustrated this point as the number of new default filings increased by 11 percent from the previous month, while the number of properties going back to lenders as REOs increased 10 percent from the previous month.

 

“Increases in home sales alone won’t do it. Prices must stabilize and housing inventory must drop to more normal levels before any significant improvement will be seen,” Saccacio added. “Until California homeowners are feeling secure financially, nothing will keep foreclosures from plaguing the state.”

 

Florida continued as the state with the nation’s second highest level of foreclosure activity, reporting 56,877 properties with foreclosure filings in August. Michigan took over the spot as state with the third highest foreclosure level, tallying 17,764 properties with foreclosure filings for the month. Illinois dropped one notch to fourth highest, reporting 16,808 properties with foreclosure filings. Reporting 16,510 properties with foreclosure filings for the month, Arizona stayed in fifth place.

 

The remaining states in the nation’s top 10 for total foreclosure activity in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385) and Washington (6,760). In all, these states accounted for 71 percent of all foreclosure filings in the nation for the month.

 

Northern counties dominate the state in foreclosure rate for August

Four out of the top five foreclosure rates in the state for August were posted by counties in the northern half of the state, led by Stanislaus County, where one in every 95 housing units received a foreclosure filing during the month. One in every 100 housing units received a foreclosure filing in San Joaquin County, for the second highest rate in the state. Coming in third was Riverside County, where one in every 109 housing units received a foreclosure filing in August. Fourth highest was Merced County, where one in every 111 housing units received a foreclosure filing. Sacramento County came in fifth, with one in every 113 housing units receiving a foreclosure filing during the month.

 

State’s top foreclosure total for August posted in Los Angeles County once again

Los Angeles County continued to lead the state in total foreclosure activity for August, reporting 13,515 properties with foreclosure filings. Second highest was Riverside County again, where 7,039 properties with foreclosure filings were reported. San Bernardino County came in third, tallying 5,806 properties with foreclosure filings. Fourth highest was Sacramento County, where 4,885 properties with foreclosure filings were reported. San Diego County came in fifth, reporting 4,627 properties with foreclosure filings for the month.

 

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

California accounted for 20 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 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 – August  2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

California

29,753

0

24,172

0

15,218

69,143

194

1.97

n/a

 

 

 

 

 

 

 

 

 

 

Stanislaus

779

0

566

0

505

1,850

95

4.02

2.05

San Joaquin

913

0

784

0

594

2,291

100

3.82

1.94

Riverside

2,882

0

2,506

0

1,651

7,039

109

3.49

1.77

Merced

350

0

219

0

185

754

111

3.43

1.75

Sacramento

2,289

0

1,449

0

1,147

4,885

113

3.38

1.72

 

 

California Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

California

29,753

0

24,172

0

15,218

69,143

194

3.34

-25.11

 

 

 

 

 

 

 

 

 

 

Los Angeles

5,798

0

5,255

0

2,462

13,515

251

1.95

-34.07

Riverside

2,882

0

2,506

0

1,651

7,039

109

-0.41

-30.73

San Bernardino

2,375

0

2,032

0

1,399

5,806

118

-3.07

-25.90

Sacramento

2,289

0

1,449

0

1,147

4,885

113

38.66

-5.03

San Diego

1,825

0

1,781

0

1,021

4,627

246

-8.05

-31.12

 

 

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