California Foreclosures Down Significantly in 2010

Filings drop 13 percent from 2009; rate 4th highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 546,669 California properties for 2010, down more than 13 percent from the a year ago but still 4 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™. One in every 25 California housing units received a foreclosure filing, the fourth highest state foreclosure rate in the nation for the year.

 

Foreclosure filings were reported on 65,915 California properties in December 2010, a nearly 15 percent increase from November, but 18 percent lower than the level reported in December 2009. One in every 203 California housing units received a foreclosure filing during the month, 2.5 times the national average.

 

“Foreclosure activity in California may be down from its yearly high set back in 2009, but with more than a half million housing units feeling the sting of foreclosure for three consecutive years now, the state continues to lead the country in total activity as it has every month since January 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “Much of the yearly drop in activity for 2010 can be attributed to the fourth quarter, when the number of new defaults and bank repossessions were down significantly, thanks at least in part to the continuing controversy over improper foreclosure documentation and the temporary freeze many lenders placed on foreclosure proceedings even in non-judicial states like California.”

 

For 47 consecutive months Florida has followed the Golden State, firmly established as the state with the nation’s second highest foreclosure activity. For 2010, the Sunshine State reported 485,286 properties with foreclosure filings. Arizona came in third, tallying 155,878 properties with foreclosure filings. Illinois came in a close fourth, reporting 151,304 properties with foreclosure filings. Michigan made it into the nation’s top five for 2010, tallying 135,874 properties with foreclosure filings.

 

The remaining states in the nation’s Top 10 for 2010 were Georgia (130,966), Texas (118,923), Ohio (108,160), Nevada (106,160) and New Jersey (64,808). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Four counties tie for state’s top foreclosure rate in 2010

One in every 14 housing units received a foreclosure filing in four California counties in 2010, tying for top honors as the counties with the highest foreclosure rate in the state for the year — all more than three times the national average.

 

Of the four, three of them — Stanislaus, San Joaquin and Merced counties — were in northern California, while only Riverside County was in the southern part of the state. The next highest was San Bernardino County, where one in every 15 housing units received a foreclosure filings during the year — also three times the national average.

 

Foreclosure activity highest in Southern California during 2010

Five southern California counties registered the highest foreclosure activity in the state for 2010, led by Los Angeles County with more than double the nearest competitor. For the year, Los Angeles County reported 115,740 properties with foreclosure filings. Next highest was Riverside County, where 55,184 properties with foreclosure filings were reported. San Bernardino County was third highest, reporting 46,026 properties with foreclosure filings for the year. San Diego County came in fourth, tallying 40,983 properties with foreclosure filings. Fifth highest total for the year was in Orange County, where 31,975properties with foreclosure filings were reported.

 

State the nation’s largest contributor to total foreclosure activity in 2010

California accounted for 19 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

California

142,776

6

232,515

0

171,372

546,669

25

1.83

n/a

 

 

 

 

 

 

 

 

 

 

Stanislaus

2,930

0

4,672

0

5,242

12,844

14

3.30

1.80

Riverside

13,133

0

23,420

0

18,631

55,184

14

3.22

1.76

San Joaquin

3,631

0

5,940

0

6,297

15,868

14

3.12

1.70

Merced

1,362

0

2,076

0

2,363

5,801

14

3.11

1.70

San Bernardino

11,574

0

18,851

0

15,601

46,026

15

3.01

1.64

 

 

California Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

492

1.67

23.23

California

142,776

6

232,515

0

171,372

546,669

233

-13.58

4.40

 

 

 

 

 

 

 

 

 

 

Los Angeles

31,224

0

56,310

0

28,206

115,740

29

-15.83

19.35

Riverside

13,133

0

23,420

0

18,631

55,184

14

-21.00

-10.76

San Bernardino

11,574

0

18,851

0

15,601

46,026

15

-18.57

-8.76

San Diego

10,900

3

18,788

0

11,292

40,983

28

-16.57

-8.79

Orange

8,580

1

16,510

0

6,884

31,975

32

-16.51

2.16

 

 

 

California Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

California

24,389

0

29,481

0

12,045

65,915

203

2.46

n/a

 

 

 

 

 

 

 

 

 

 

Stanislaus

560

0

751

0

374

1,685

104

4.82

1.96

San Joaquin

682

0

875

0

488

2,045

112

4.48

1.82

Solano

468

0

566

0

286

1,320

114

4.39

1.78

Merced

244

0

304

0

179

727

115

4.35

1.76

Riverside

2,404

0

2,902

0

1,322

6,628

116

4.32

1.75

 

 

California Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

California

24,389

0

29,481

0

12,045

65,915

203

14.88

-18.11

 

 

 

 

 

 

 

 

 

 

Los Angeles

4,772

0

6,339

0

1,696

12,807

264

11.46

-21.37

Riverside

2,404

0

2,902

0

1,322

6,628

116

21.15

-18.89

San Bernardino

2,300

0

2,435

0

1,071

5,806

118

33.01

-18.50

San Diego

1,885

0

2,156

0

772

4,813

237

24.69

-21.57

Sacramento

1,298

0

1,610

0

839

3,747

147

5.34

-16.17

 

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