California Foreclosure Activity Rises in October

Statewide filings up 7 percent  from September; Rate second highest

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 55,312 California properties in  October, a 7 percent increase from September, but 17 percent below the level  reported for October 2010, according to the  latest RealtyTrac® U.S. Foreclosure Market Report.

The Golden  State maintained its position as the  state with the second highest foreclosure rate, reporting one in every 243 California housing units  with a foreclosure filing in October.

California continues to lead the nation in  terms of total properties with foreclosure filings by a large margin. Second  ranked Florida reported 33,073 properties with foreclosure filings during the  month. Third place was Michigan, where 16,106 properties with foreclosure  filings were reported. Illinois had the fourth highest total, reporting 12,522 properties  with foreclosure filings while Arizona took fifth place, tallying 10,626 properties  with foreclosure filings.

The remaining states that make up the nation’s  top 10 in October include Georgia (10,010), Texas (9,845), Ohio (8,691), Nevada  (6,307) and Colorado (4,729). The top 10 accounted for 72 percent of the  nation’s total foreclosure activity for the month.

San Joaquin County posts top foreclosure rate in the  state for October
  One in every 143 housing units in San Joaquin County  had a foreclosure filing in October — 3.9 times the national average and 1.7  times the state average — the highest foreclosure rate of all California counties for the month. Calaveras  and Stanislaus counties had the second highest rate of one in every 148 housing  units with a foreclosure filing during the month — 3.8 times the national  average and 1.7 times the state average. Yuba and Solano counties had the fourth  highest rate of one in every 150 housing units with a foreclosure filing during  the month — 3.8 times the national average and 1.6 times the state average.

Southern California stays atop the foreclosure heap  in October
  Five Southern California counties topped the  list for highest foreclosure totals in the state for October. Los Angeles County  continued to lead all counties by a large margin, reporting 11,498 properties  with foreclosure filings for the month. Riverside County remained second  highest, reporting 4,949 properties with foreclosure filings. San Bernardino  County was third once again, reporting 4,476 properties with foreclosure  filings. Fourth highest was Orange County, recording 3,866 properties with  foreclosure filings. San Diego County was fifth highest, tallying 3,790 properties  with foreclosure filings for the month.

State the nation’s largest contributor to total  foreclosure activity in October
  California accounted for 24 percent of the 230,678  properties with foreclosure filings reported nationwide in October. Total U.S. activity  increased by more than 7 percent from September, but was down nearly 31 percent  from the level reported in October 2010. One in every 563 U.S. housing units received  a foreclosure filing during the month.

“The October foreclosure numbers continue to show strong signs that  foreclosure activity is coming out of the rain delay we’ve been in for the past  year as lenders corrected foreclosure paperwork and processing problems,” said  James Saccacio, chief executive officer of RealtyTrac. “However, recent state  court rulings and new state laws keep changing the rules of the foreclosure  game on the fly, creating more uncertainty in the housing market and  threatening to prolong the road to a robust real estate recovery.”

 

                         California Top Foreclosure Rates By County – October 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

n/a

n/a

California

29,240

0

16,302

0

9,770

55,312

243

2.32

n/a

 

 

 

 

 

 

 

 

 

 

San Joaquin

813

0

435

0

349

1,597

143

3.93

1.70

Calaveras

90

0

50

0

46

186

148

3.82

1.65

Stanislaus

581

0

351

0

251

1,183

148

3.80

1.64

Yuba

93

0

71

0

28

192

150

3.76

1.62

Solano

516

0

310

0

177

1,003

150

3.75

1.61

 California Top Foreclosure Totals by County – October 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sep 11

% Chg Oct 10

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

7.36

-30.55

California

29,240

0

16,302

0

9,770

55,312

243

6.69

-16.79

 

 

 

 

 

 

 

 

 

 

Los Angeles

5,921

0

3,560

0

2,017

11,498

295

-0.53

-11.47

Riverside

2,639

0

1,440

0

870

4,949

157

1.52

-23.84

San Bernardino

2,419

0

1,266

0

791

4,476

154

19.30

-25.84

Orange

2,278

0

1,080

0

508

3,866

268

40.02

6.06

San Diego

1,978

0

1,155

0

657

3,790

301

5.22

-18.37

 

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