CALIFORNIA FORECLOSURES INCREASE 15 PERCENT IN JUNE

Activity Up 114 Percent From a Year Ago

 

IRVINE, Calif. – July 31, 2006 – The number of new California foreclosure filings jumped 15 percent in June, with 10,031 properties entering some stage of the foreclosure process, and the state ranked second behind only Texas in sheer number of foreclosures for the month, according to the RealtyTrac™ June 2006 U.S. Foreclosure Market Report. This latest increase in activity erases most of the 21 percent decline in foreclosure volume experienced during the last two months. On a yearly basis, the volume of properties in foreclosure is up 114 percent over the 4,685 properties reported in June 2005.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“Even though employment and home values have been on the rise, it is not surprising to see the number of foreclosures starting to surge back up — especially considering California‘s high cost of living in terms of housing prices and energy costs,” said James J. Saccacio, chief executive officer of RealtyTrac.  “Foreclosures are a lagging indicator of economic health. So it can take months before the effects of changes in monetary policy are seen.”

 

California trailed nation-leading Texas by approximately 1,300 foreclosures, and led third place Florida by 1,400 foreclosures in June. These latest numbers represent a shift from first quarter 2006 when the state ranked third behind Texas and second-ranked Florida. Still, with one out of every 1,218 households entering some stage of foreclosure, California has the 15th highest foreclosure rate in the country — just slightly above the national average for the first time in a number of months.

 

Los Angeles County Tops in Total Number

Reporting 1,762 properties entering some stage of the foreclosure process, Los Angeles County led the state in activity level, followed by Riverside County reporting 1,334 properties, Sacramento County with 911 properties and San Diego County with 842 properties. Orange County completed the top five, reporting 639 properties entering some stage of foreclosure during the month.

 

Stanislaus County Posts Highest Foreclosure Rate

Slanislaus County posted the state’s highest foreclosure rate for the month, with one new foreclosure filing for every 362 households — 3.6 times the national average and 3.4 times the state average.  With one new foreclosure filing for every 400 households — 3.3 times the national average and three times the state average — San Joaquin County had the second highest foreclosure rate in the state. Riverside County reported one new foreclosure filing for every 438 households — three times the national average and 2.8 times the state average — and Lake County reported one new foreclosure filing for every 471 households — 2.8 times the national average and 2.6 times the state average.

 

California Makes Major Contribution to Monthly National Total

California contributed 11.4 percent of the 88,194 properties entering some stage of foreclosure nationwide in June. The national total represents a 5 percent decline from the May total of 92,746 foreclosures. The national foreclosure rate declined to one new foreclosure filing for every 1,311 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 repurchased by a bank).

 

 

                         California Foreclosure Market by County – June 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

22,455

37,186

2,849

10,076

20,180

92,746

1,247

California

8,456

1,284

0

0

291

10,031

1,218

1.077

 

 

 

 

 

 

 

 

 

 

Alameda

352

74

0

0

14

440

1,228

1.07

0.99

Amador

6

2

0

0

0

8

1,879

0.70

0.65

Butte

14

5

0

0

1

20

4,276

0.31

0.28

Calaveras

8

0

0

0

0

8

2,868

0.46

0.42

Colusa

0

0

0

0

0

0

 

0.00

0.00

Contra Costa

381

70

0

0

9

460

771

1.70

1.58

Del Norte

4

0

0

0

3

7

1,491

0.88

0.82

El Dorado

57

11

0

0

3

71

1,004

1.31

1.21

Fresno

185

27

0

0

2

214

1,265

1.04

0.96

Glenn

1

2

0

0

0

3

3,327

0.39

0.37

Humboldt

4

1

0

0

6

11

5,083

0.26

0.24

Imperial

2

0

0

0

0

2

21,946

0.06

0.06

Inyo

0

0

0

0

0

0

 

0.00

0.00

Kern

91

11

0

0

6

108

2,144

0.61

0.57

Kings

13

8

0

0

1

22

1,662

0.79

0.73

Lake

6

2

0

0

61

69

471

2.78

2.58

Lassen

1

0

0

0

0

1

12,000

0.11

0.10

Los Angeles

1,590

148

0

0

24

1,762

1,856

0.71

0.66

Madera

25

12

0

0

2

39

1,036

1.27

1.18

Marin

19

4

0

0

0

23

4,565

0.29

0.27

Mariposa

0

0

0

0

0

0

 

0.00

0.00

Mendocino

7

2

0

0

2

11

3,358

0.39

0.36

Merced

100

7

0

0

2

109

627

2.09

1.94

Mono

0

1

0

0

0

1

11,757

0.11

0.10

Monterey

41

6

0

0

0

47

2,791

0.47

0.44

Napa

8

2

0

0

0

10

4,855

0.27

0.25

Nevada

16

0

0

0

0

16

2,768

0.47

0.44

Orange

574

53

0

0

12

 639

1,517

0.86

0.80

Placer

114

13

0

0

2

129

832

1.58

1.46

Riverside

1,163

149

0

0

22

1,334

438

2.99

2.78

Sacramento

766

138

0

0

7

911

521

2.52

2.34

San Benito

0

1

0

0

0

1

16,499

0.08

0.07

San Bernardino

484

78

0

0

11

573

1,050

1.25

1.16

San Diego

690

119

0

0

33

842

1235

1.06

0.99

San Francisco

60

14

0

0

1

75

4,620

0.28

0.26

San Joaquin

404

62

0

0

7

473

400

3.28

3.04

San Luis Obispo

16

3

0

0

0

19

5,383

0.24

0.23

San Mateo

112

10

0

0

2

124

2,101

0.62

0.58

Santa Barbara

28

7

0

0

0

35

4,083

0.32

0.30

Santa Clara

284

53

0

0

6

343

1,689

0.78

0.72

Santa Cruz

12

5

0

0

1

18

5,493

0.24

0.22

Shasta

20

6

0

0

0

26

2,647

0.50

0.46

Siskiyou

2

2

0

0

0

4

5,487

0.24

0.22

Solano

198

44

0

0

2

244

551

2.38

2.21

Sonoma

46

10

0

0

5

61

3,003

0.44

0.41

Stanislaus

309

78

0

0

30

417

362

3.63

3.37

Sutter

30

6

0

0

3

39

726

1.81

1.68

Tehama

3

2

0

0

0

5

4,709

0.28

0.26

Tulare

76

9

0

0

1

86

1,391

0.94

0.88

Tuolumne

4

1

0

0

0

5

5,667

0.23

0.21

Ventura

64

10

0

0

6

80

3,146

0.42

0.39

Yolo

42

3

0

0

1

46

1,339

0.98

0.91

Yuba

24

13

0

0

3

40

566

2.32

2.15

 

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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