CALIFORNIA FORECLOSURES INCREASE 19 PERCENT IN SEPTEMBER

State Takes National Lead in New Filings; Level Soars 196 Percent From a Year Ago

 

IRVINE, Calif. – Oct. 11, 2006 – For the first time in 2006 California overtook Texas and Florida to become the national leader in foreclosure activity for September. In all, the state reported 14,806 properties entering some stage of the foreclosure process, a 19 percent gain from the 12,486 properties reported in August, and 196 percent higher than the 4,994 properties reported for the same month last year, according to the RealtyTrac™ September 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“Although job growth has remained strong in California, foreclosures continue to rise across the state,” said James J. Saccacio, chief executive officer of RealtyTrac. “This rise in foreclosures, combined with a sharp drop in home sales and lower price appreciation, has contributed to California’s leap to the top in terms of new foreclosure activity in September.”

 

California leapfrogged from third place in August, replacing Florida at the lead of the pack by almost 2,000 new foreclosure filings for the month. Texas, which has been at the head of the nation’s foreclosure pack for most of 2006, was in third place, reporting almost 3,000 fewer foreclosures in September than California. Reporting one new foreclosure for every 825 households — 1.3 times the national average — California has the 12th highest foreclosure rate in the nation.

 

Four counties account for bulk of state’s foreclosures

Four counties accounted for 59 percent of all foreclosures in California for September. Los Angeles County had the largest share, reporting 3,675 properties entering some stage of the foreclosure process during the month. San Bernardino County had the second highest total, reporting 1,776 properties entering some stage of foreclosure. Third highest was Riverside County, reporting 1,772 properties in foreclosure, followed by San Diego County, reporting 1,545 in the foreclosure pipeline.

 

Inland Empire and northern counties dominate state’s top five foreclosure rates

Five counties in Central and Northern California posted the state’s top foreclosure rates for September. Riverside County led the state in terms of foreclosure rate, reporting one new foreclosure filing for every 330 households — 2.5 times the state average and 3.1 times the national average. Next highest was San Bernardino County, reporting one new foreclosure filing for every 339 households — 2.4 times the state average and 3 times the national average. With one new foreclosure filing for every 343 households, Solano County’s foreclosure rate ranked third highest for the month. Completing the top five were Contra Costa County, reporting one new filing for every 502 households, and Merced County, reporting one new filing for every 543 households.

 

California makes major contribution to national total

California’s foreclosure activity accounted for 13 percent of the 112,210 properties entering some stage of foreclosure nationwide in September. The national total represents a decrease of less than 1 percent from the 113,300 foreclosures reported in August. The national foreclosure rate increased to one new foreclosure filing for every 1,030 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 – Sept 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

25,379

43,840

6,285

19,338

17,368

112,210

1,030

California

12,317

2,023

0

0

466

14,806

825

1.25

 

 

 

 

 

 

 

 

 

 

Alameda

555

106

0

0

13

674

801

1.29

1.03

Amador

6

1

0

0

0

7

2,148

0.48

0.38

Butte

50

5

0

0

1

56

1,527

0.67

0.54

Calaveras

8

0

0

0

1

9

2,550

0.40

0.32

Colusa

6

2

0

0

0

8

847

1.22

0.97

Contra Costa

591

96

0

0

19

706

502

2.05

1.64

Del Norte

2

0

0

0

0

2

5,217

0.20

0.16

El Dorado

56

10

0

0

2

68

1,048

0.98

0.79

Fresno

257

49

0

0

5

311

871

1.18

0.95

Glenn

3

1

0

0

0

4

2,496

0.41

0.33

Humboldt

5

4

0

0

1

10

5,591

0.18

0.15

Imperial

0

2

0

0

0

2

21,946

0.05

0.04

Inyo

1

0

0

0

0

1

9,042

0.11

0.09

Kern

242

57

0

0

5

304

762

1.35

1.08

Kings

12

3

0

0

1

16

2,285

0.45

0.36

Lake

19

7

0

0

4

30

1,084

0.95

0.76

Lassen

3

4

0

0

0

7

1,714

0.60

0.48

Los Angeles

3,264

335

0

0

76

3,675

890

1.16

0.93

Madera

29

6

0

0

1

36

1,122

0.92

0.74

Marin

23

1

0

0

1

25

4,200

0.25

0.20

Mariposa

3

0

0

0

0

3

2,942

0.35

0.28

Mendocino

12

0

0

0

1

13

2,841

0.36

0.29

Merced

113

10

0

0

3

126

543

1.90

1.52

Modoc

1

0

0

0

0

1

4,807

0.21

0.17

Mono

0

0

0

0

0

0

 

0.00

0.00

Monterey

48

9

0

0

2

59

2,223

0.46

0.37

Napa

12

3

0

0

0

15

3,237

0.32

0.25

Nevada

25

8

0

0

0

33

1,342

0.77

0.61

Orange

750

88

0

0

28

866

1,119

0.92

0.74

Placer

129

23

0

0

5

157

683

1.51

1.21

Plumas

3

2

0

0

0

5

2,677

0.38

0.31

Riverside

1,521

193

0

0

58

1,772

330

3.12

2.50

Sacramento

113

239

0

0

40

392

1,211

0.85

0.68

San Benito

20

3

0

0

0

23

717

1.44

1.15

San Bernardino

1,610

132

0

0

34

1,776

339

3.04

2.44

San Diego

1,236

247

0

0

62

1,545

673

1.53

1.23

San Francisco

74

13

0

0

5

92

3,767

0.27

0.22

San Joaquin

248

77

0

0

5

330

573

1.80

1.44

San Luis Obispo

24

6

0

0

3

33

3,099

0.33

0.27

San Mateo

100

18

0

0

5

123

2,119

0.49

0.39

Santa Barbara

52

14

0

0

3

69

2,071

0.50

0.40

Santa Clara

257

47

0

0

8

312

1,857

0.55

0.44

Santa Cruz

22

5

0

0

1

28

3,531

0.29

0.23

Shasta

40

13

0

0

3

56

1,229

0.84

0.67

Siskiyou

1

4

0

0

0

5

4,389

0.23

0.19

Solano

289

61

0

0

42

392

343

3.00

2.40

Sonoma

61

12

0

0

2

75

2,442

0.42

0.34

Stanislaus

172

36

0

0

6

214

705

1.46

1.17

Sutter

22

6

0

0

1

29

977

1.06

0.84

Tehama

7

2

0

0

1

10

2,355

0.44

0.35

Tulare

46

21

0

0

6

73

1,639

0.63

0.50

Tuolumne

1

4

0

0

0

5

5,667

0.18

0.15

Ventura

134

27

0

0

8

169

1,489

0.69

0.55

Yolo

22

4

0

0

1

27

2,281

0.45

0.36

Yuba

17

7

0

0

3

27

838

1.23

0.98

 

 

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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