California Foreclosure Activity Up in Third Quarter

Filings up 5 percent from Q2 2011, down 20 percent from a year ago
    State’s foreclosure rate second  highest in the nation

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 153,051 California properties  during the third quarter of 2011, up 5 percent from the second quarter of 2011,  but still 20 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 nation’s second highest  foreclosure rate at one in every 88 California  housing units with a foreclosure filing during the quarter.

In all, 51,842 California properties with foreclosure  filings were reported in September, a 13 percent decrease from August and down  31 percent from September 2010. One in every 259 California housing units received a  foreclosure filing in September, the second highest state foreclosure rate in  the nation.

The Golden  State continues to lead the country in  quarterly foreclosure totals, followed by Florida, which reported 67,886 properties  with foreclosure filings during the third quarter. Third highest total for the  quarter was tallied in Georgia,  where 33,637 properties with foreclosure filings were reported. Illinois had the fourth  highest total, reporting 32,297 properties with foreclosure filings. Reporting  31,179 properties with foreclosure filings for the period, Michigan ranked fifth highest.

The rest of the nation’s top 10 state  foreclosure totals for the third quarter of the year included Arizona  (29,701), Texas (27,860), Nevada  (25,900), Ohio (24,166) and Colorado (12,918). The top five states accounted  for 52 percent of the nation’s total quarterly foreclosure activity.

Solano County has top  foreclosure rate in the third quarter
  One in every 51 housing units in Solano    County had  a foreclosure filing during the third quarter of 2011 – 4.2 times the national  average and 1.7 times the state average. San Joaquin County had the second  highest rate with one in every 52 housing units reporting a foreclosure filing  – 4.1 times the national average and 1.7 times the state average. Yuba and  Stanislaus counties had the third highest rate, each reporting one in every 53  housing units with a foreclosure filing – four times the national average and  1.7 times the state average.

Los Angeles County leads  the state in foreclosure activity for third quarter
  Los Angeles County continued to lead the state in total foreclosure  activity, reporting 32,351 properties with foreclosure filings during the  quarter. Riverside    County  was second highest in the state, reporting 14,467 properties with foreclosure  filings. Third highest total was tallied in San Bernardino County, where 11,666  properties with foreclosure filings were reported. Reporting 10,612 properties  with foreclosure filings for the quarter, San Diego  County registered the fourth highest  total, followed by Sacramento County,  where 9,337 properties with foreclosure filings were reported for the fifth  highest total in the state for the quarter.

State the largest contributor  to nation’s foreclosure total in the third quarter
  California accounted for 25 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S.  housing units received a foreclosure filing during the quarter.

“U.S. foreclosure  activity has been mired down since October of last year, when the  robo-signing controversy sparked a flurry of  investigations into lender foreclosure procedures and paperwork,” said James Saccacio, chief executive officer of RealtyTrac. “While foreclosure activity in  September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary  downward trend is about to change  direction, with foreclosure activity slowly beginning to ramp back up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the  foreclosure fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”

 

California Top Foreclosure Rates By County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

California

69,587

0

48,030

0

35,434

153,051

88

2.43

n/a

 

 

 

 

 

 

 

 

 

 

Solano

1,348

0

862

0

773

2,983

51

4.21

1.74

San Joaquin

1,863

0

1,332

0

1,231

4,426

52

4.12

1.70

Yuba

208

0

144

0

192

544

53

4.03

1.66

Stanislaus

1,409

0

832

0

1,070

3,311

53

4.02

1.66

Riverside

6,359

0

4,685

0

3,423

14,467

54

3.98

1.64

 

California Top Foreclosure Totals by County – Q3 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

California

69,587

0

48,030

0

35,434

153,051

88

4.81

-19.88

 

 

 

 

 

 

 

 

 

 

Los Angeles

14,976

0

11,188

0

6,187

32,351

105

4.22

-16.14

Riverside

6,359

0

4,685

0

3,423

14,467

54

1.41

-25.91

San Bernardino

5,112

0

3,713

0

2,841

11,666

59

-3.14

-28.59

San Diego

4,979

0

3,489

0

2,144

10,612

108

6.79

-23.69

Sacramento

3,993

0

2,459

0

2,885

9,337

59

6.84

-21.03

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