California Foreclosures Continue Decline in November

Filings down 13 percent from October, but rate now 3rd highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 57,378 California properties in November, down 13 percent from the previous month and a 22 percent drop from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 233 California housing units received a foreclosure filing in November, moving the state up one spot to the third highest state foreclosure rate in the nation.

 

“Foreclosure activity in California dropped in November to a level not seen since October 2008, but still continues to lead the nation by a large margin,” said James J. Saccacio, chief executive officer of RealtyTrac. “For well over a year statewide unemployment has remained static at over 12 percent. So any decline in foreclosure activity as this point is partly seasonal at best, and more likely associated to some extent to the robo-signing controversy that has lenders and servicers halting foreclosure processing in the short run in order to get their documentation in proper order.”

 

Despite the decline in monthly activity, the Golden State remains firmly established as the national frontrunner, with Florida alone in second place, reporting 32,938 properties with foreclosure filings for the month, well ahead of third place Michigan, which reported 15,311 properties with foreclosure filings. Georgia moved up two spots to fourth place, tallying 14,423 properties with foreclosure filings. Moving up four spots in the nation’s top 10 for November, Texas was fifth highest, reporting 13,369 properties with foreclosure filings for the month.

 

The remaining Top 10 states for November were Illinois (12,941), Nevada (11,371), Ohio (10,458), Arizona (10,384) and Pennsylvania (5,672). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Yuba, San Joaquin counties tie for top foreclosure rate honors in November

One in every 130 housing units received a foreclosure filing in both Yuba and San Joaquin counties in November — 3.8 times the national average and 1.8 times the state average — tying for the top county foreclosure rate in the state for the month. Kern County came in third, with one in every 133 housing units receiving a foreclosure filing — 3.7 times the national average and 1.8 times the state average.

 

Los Angeles County foreclosure total double next closest county in November

Foreclosure activity in Los Angeles County was more than double the level reported by the next highest county for November. For the month, Los Angeles County reported 11,490 properties with foreclosure filings, twice the 5,471 properties with foreclosure filings reported by Riverside County. San Bernardino County was third highest, tallying 4,365 properties with foreclosure filings. San Diego County reported 3,860 properties with foreclosure filings for the month, the state’s fourth highest activity level. Sacramento County was the only northern California county to make the state’s top five for the month, reporting 3,557 properties with foreclosure filings.

 

State remains nation’s largest single contributor to total foreclosure total

California accounted for 22 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

California

25,834

0

23,331

0

8,213

57,378

233

2.11

n/a

 

 

 

 

 

 

 

 

 

 

Yuba

95

0

87

0

39

221

130

3.80

1.80

San Joaquin

734

0

734

0

288

1,756

130

3.78

1.79

Kern

783

0

990

0

283

2,056

133

3.71

1.76

Stanislaus

535

0

541

0

225

1,301

135

3.66

1.73

Riverside

2,297

0

2,372

0

802

5,471

141

3.50

1.66

 

 

California Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

California

25,834

0

23,331

0

8,213

57,378

233

-11.61

-22.18

 

 

 

 

 

 

 

 

 

 

Los Angeles

5,386

0

4,684

0

1,420

11,490

295

-11.53

-24.87

Riverside

2,297

0

2,372

0

802

5,471

141

-15.80

-26.76

San Bernardino

1,648

0

2,025

0

692

4,365

157

-27.68

-33.31

San Diego

1,622

0

1,642

0

596

3,860

295

-16.86

-25.84

Sacramento

1,553

0

1,366

0

638

3,557

155

-11.39

-22.01

 

 

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