CALIFORNIA FORECLOSURES DROP 34 PERCENT IN DECEMBER

State Activity Now Second Highest; Foreclosure Rate Out of Top 10

 

IRVINE, Calif. – Jan. 15, 2007 – After three months of leading the nation in foreclosure activity, the foot eased off of California’s accelerator a bit in December, as the state came in second place to Texas for the month. Reporting 12,623 properties entering some stage of the foreclosure process, the total represents a drop of 34 percent from November, but is still 64 percent ahead of the total reported for the same month last year, according to the RealtyTrac U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Even though foreclosure activity in California dropped 34 percent for the month, the state’s real estate market is still reeling from sluggish sales activity and price reductions in recent months,” said James J. Saccacio, chief executive officer of RealtyTrac. “A growing inventory of unsold housing on the market and slower job growth throughout the state this year could result in further increases in foreclosure numbers.”

 

California reported more than 1,550 fewer foreclosures than Texas for the month, but was more than 4,300 foreclosures ahead of third ranked Florida. The remaining states in the nation’s top 10 foreclosure total list are Ohio, Illinois, Michigan, Georgia, Colorado, Massachusetts and New York. The Golden State’s foreclosure rate of one new filing for every 968 households moved it out of the nation’s top 10, ranking it 14th among the 50 states.

 

Los Angeles area agent Christine Tapia, a member of the RealtyTrac Agent Network™, said she’s seeing a few more bank-owned properties popping up in the area, but she believes most homeowners who fall into default are able to avoid losing their property to the bank.

 

“There are so many options,” Tapia said. “There are payment plans that the banks are offering. A lot of the defaults, (borrowers are) refinancing and getting into another loan,” she said, noting that there is such a wide array of loan programs now available to consumers. As a result, those loans are helping prevent a overwhelming wave of foreclosures like the one that pulled down the Southern California real estate market in the early 1990s.

 

Since the beginning of the year, Tapia said she has noticed a definite surge in interest from potential buyers.

 

“Our area is still pretty stable, and now it’s starting to pick up really. Everybody’s gung-ho,” she said. “In December and November people were just at a standstill compared to now.”

 

Southern California counties accounts for majority of state total

Five counties in Southern California accounted for 62 percent of all foreclosures filings in the state during December. Los Angeles County reported the largest foreclosure total for the month, with 3,281 properties entering some stage of the foreclosure process. Riverside County reported the second highest total, with 1,698 properties entering some stage of foreclosure. San Bernardino County documented the third highest total, reporting 1,412 properties entering foreclosure, followed by San Diego County, reporting 759 properties entering some stage of the foreclosure pipeline. Orange County completed the top five reporting 727 properties in the foreclosure pipeline.

 

Solano, Riverside and San Joaquin counties post top foreclosure rates

Solano County led the state in foreclosure rate for December, reporting one new foreclosure filing for every 319 households — 3 times the state average and 3.3 times the national average. Riverside County documented the second highest rate, reporting one new foreclosure filing for every 344 households — 2.8 times the state average and 3.1 times the national average. San Joaquin County had the state’s third highest foreclosure rate, reporting one new filing for every 411 households — 2.4 times the state average and 2.6 times the national average. Reporting one new foreclosure for every 426 households during the month San Bernardino County had the state’s fourth highest rate, followed by Merced County reporting one new filing for every 551 households.

 

California remains significant contributor to national total

California’s foreclosure activity accounted for 12 percent of the 109,652 properties entering some stage of foreclosure nationwide in December. The national total represents a decrease of 9 percent from the 120,334 foreclosures reported in November. The national foreclosure rate decreased to one new foreclosure filing for every 1,055 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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 repossessed by a bank).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

                          California Foreclosure Market by County – December 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

26,593

41,292

5,472

15,887

20,408

109,652

1,055

n/a

n/a

California

9,638

2,348

0

1

636

12,623

968

1.00

 

 

 

 

 

 

 

 

 

 

Alameda

619

81

0

0

20

720

750

1.41

1.29

Amador

1

0

0

0

0

1

15,035

0.07

0.06

Butte

19

10

0

0

4

33

2,592

0.41

0.37

Colusa

1

1

0

0

0

2

3,387

0.31

0.29

Contra Costa

382

63

0

0

16

461

769

1.37

1.26

Del Norte

0

2

0

0

0

2

5,217

0.20

0.19

El Dorado

12

18

0

0

2

32

2,227

0.47

0.43

Fresno

271

101

0

0

15

387

700

1.51

1.38

Glenn

2

4

0

0

0

6

1,664

0.63

0.58

Humboldt

6

2

0

0

1

9

6,212

0.17

0.16

Imperial

16

14

0

0

3

33

1,330

0.79

0.73

Inyo

0

0

0

0

1

1

9,042

0.12

0.11

Kern

128

82

0

0

17

227

1,020

1.03

0.95

Kings

7

4

0

0

1

12

3,047

0.35

0.32

Lake

1

2

0

0

0

3

10,843

0.10

0.09

Lassen

0

1

0

0

0

1

12,000

0.09

0.08

Los Angeles

2,684

415

0

0

182

3,281

997

1.06

0.97

Madera

5

3

0

0

2

10

4,039

0.26

0.24

Marin

6

9

0

0

3

18

5,833

0.18

0.17

Mariposa

0

2

0

0

0

2

4,413

0.24

0.22

Mendocino

1

0

0

0

0

1

36,937

0.03

0.03

Merced

101

20

0

0

3

124

551

1.91

1.75

Mono

0

0

0

0

0

0

n/a 

0.00

0.00

Monterey

3

10

0

0

3

16

8,199

0.13

0.12

Napa

43

3

0

0

0

46

1,056

1.00

0.92

Nevada

4

6

0

0

2

12

3,690

0.29

0.26

Orange

595

116

0

0

16

727

1,334

0.79

0.73

Placer

64

23

0

0

2

89

1,206

0.87

0.80

Plumas

1

0

0

0

0

1

13,386

0.08

0.07

Riverside

1,394

253

0

1

50

1,698

344

3.06

2.81

Sacramento

296

320

0

0

78

694

684

1.54

1.41

San Benito

1

6

0

0

1

8

2,062

0.51

0.47

San Bernardino

1,217

139

0

0

56

1,412

426

2.48

2.27

San Diego

601

131

0

0

27

759

1,370

0.77

0.71

San Francisco

14

18

0

0

0

32

10,829

0.10

0.09

San Joaquin

339

113

0

0

8

460

411

2.56

2.35

San Luis Obispo

61

6

0

0

1

68

1,504

0.70

0.64

San Mateo

44

18

0

0

4

66

3,948

0.27

0.25

Santa Barbara

29

10

0

0

7

46

3,107

0.34

0.31

Santa Clara

86

46

0

0

13

145

3,995

0.26

0.24

Santa Cruz

4

1

0

0

2

7

14,125

0.07

0.07

Shasta

10

8

0

0

3

21

3,277

0.32

0.30

Siskiyou

0

3

0

0

0

3

7,316

0.14

0.13

Solano

265

108

0

0

49

422

319

3.31

3.04

Sonoma

15

11

0

0

5

31

5,908

0.18

0.16

Stanislaus

157

79

0

0

13

249

606

1.74

1.60

Sutter

5

7

0

0

4

16

1,770

0.60

0.55

Tehama

0

10

0

0

0

10

2,355

0.45

0.41

Tulare

98

14

0

0

9

121

989

1.07

0.98

Ventura

16

41

0

0

9

66

3,814

0.28

0.25

Yolo

11

8

0

0

2

21

2,933

0.36

0.33

Yuba

3

6

0

0

2

11

2,058

0.51

0.47

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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