California Foreclosure Activity Unchanged in Third Quarter

Total filings decline statewide minimally compared to the second quarter

Auction notices down, defaults and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 191,016 California properties during the third quarter, less than a 1 percent decrease from the previous quarter but down almost 24 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 70 California housing units received a foreclosure filing during the quarter, the fourth highest state foreclosure rate in the nation.

 

For September, California reported 75,204 properties with foreclosure filings, an almost 9 percent increase from the previous month but 13 percent below the level reported for the same month last year. One in every 178 California housing units received a foreclosure filing in September, more than twice the national average and ranking the fourth highest foreclosure rate among the 50 states.

 

“A rise in the number of California borrowers who defaulted on their mortgages and homes that were repossessed by banks were more than offset by a decline in auction notices during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although California is a non-judicial foreclosure state, given the irregularities being questioned and evaluated by some lenders on a nationwide basis at the moment, the state will most likely continue to lead the nation in total foreclosure activity for the foreseeable future even if moratoriums may have a temporary chilling effect on the foreclosure process.”

 

The nation’s second highest foreclosure activity continued in Florida, where 157,026 properties with foreclosure filings were reported for the quarter. Arizona had the third highest activity level, reporting 49,103 properties with foreclosure filings. Illinois was fourth, tallying 47,802 properties with foreclosure filings. Fifth highest total was in Michigan, where 46,100 properties with foreclosure filings were reported for the quarter.

 

The remaining states in the nation’s top 10 for total third quarter foreclosure activity were Georgia (41,231), Nevada (38,429), Ohio (36,677), Texas (34,187) and Washington (16,803). In all, the top five states accounted for 53 percent of all foreclosure filings in the nation during the third quarter.

 

Stanislaus County led state with top foreclosure rate in third quarter

One in every 36 housing units received a foreclosure filing in Stanislaus County — 3.9 times the national average and 1.9 times the state average — the highest foreclosure rate in the state during the third quarter of 2010. San Joaquin County posted the second highest rate, with one in every 39 housing units receiving a foreclosure filing during the period — 3.6 times the national average and 1.8 times the state average. Third highest rate was in Riverside County, where one in every 39 housing units received a foreclosure filing — 3.5 times the national average and 1.8 times the state average.

 

Top four foreclosure totals in Southern California during the third quarter

Los Angeles, Riverside, San Bernardino and San Diego counties had the four highest levels of foreclosure activity in the state during the third quarter. Los Angeles County continued to dominate, reporting 38,579 properties with foreclosure filings for the quarter. Riverside County was a distant second, reporting 19,526 properties with foreclosure filings. San Bernardino County was third, tallying 16,337 properties with foreclosure filings. San Diego County was fourth highest, reporting 13, 906 properties with foreclosure filings. Sacramento County was the only northern county to make the state’s top five, reporting 11,824 properties with foreclosure filings for the quarter.

 

State the major contributor to nation’s foreclosure total for the quarter

Twenty-one percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in California. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

California

80,886

0

63,448

0

46,682

191,016

70

1.98

n/a

 

 

 

 

 

 

 

 

 

 

Stanislaus

1,916

0

1,369

0

1,540

4,825

36

3.82

1.93

San Joaquin

2,341

0

1,859

0

1,729

5,929

39

3.60

1.82

Riverside

8,248

0

6,263

0

5,015

19,526

39

3.52

1.78

Merced

825

0

585

0

662

2,072

40

3.43

1.74

San Bernardino

6,833

0

5,315

0

4,189

16,337

42

3.30

1.67

 

 

California Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

California

80,886

0

63,448

0

46,682

191,016

70

-0.73

-23.61

 

 

 

 

 

 

 

 

 

 

Los Angeles

16,695

0

14,427

0

7,457

38,579

88

-1.30

-27.62

Riverside

8,248

0

6,263

0

5,015

19,526

39

-1.53

-28.60

San Bernardino

6,833

0

5,315

0

4,189

16,337

42

0.37

-22.45

San Diego

5,916

0

4,991

0

2,999

13,906

82

-3.88

-24.91

Sacramento

5,024

0

3,433

0

3,367

11,824

47

6.18

-11.22

 

 

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