CALIFORNIA FORECLOSURES INCREASE 9 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State Leads Nation Again; Total Skyrockets 244 Percent From Year Ago

 

IRVINE, Calif. – Nov. 10, 2006 – California led the nation in total foreclosure activity for the second straight month, reporting 16,098 properties entering some stage of the foreclosure process in October, up 9 percent from the 14,806 properties reported in September, and sailing 244 percent above the 4,679 properties reported for the same month last year, according to the RealtyTrac™ October 2006 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.

 

“Considering that California has the largest population and the most households of any state in the nation, it is not surprising that it leads the nation in foreclosures as well,” said James J. Saccacio, chief executive officer of RealtyTrac. “Real estate sales volume around the state has cooled off substantially, and the once double-digit price appreciation of the past is gone. Even though job growth is continuing, the general condition of the real estate market will continue to make it more difficult for distressed homeowners to sell their way out of foreclosure in the near future.”

 

Total foreclosures in California led second place Florida by more than 4,500 foreclosures and third place Texas by more than 6,000 foreclosures in October. Reporting one new foreclosure for every 759 households — 1.3 times the national average — California had the 12th highest foreclosure rate in the nation for the second consecutive month. The remaining states in the nation’s top 10 list for foreclosure totals are Michigan, Illinois, Ohio, Georgia, Colorado, New Jersey and New York 

 

Los Angeles, San Diego counties lead state in foreclosures

Los Angeles County led the state in total foreclosures, reporting 2,557 properties entering some stage of the foreclosure process during October, far outdistancing second place San Diego County reporting 1,618 properties entering the process. San Bernardino County reported the third highest total with 1,532 properties entering some stage of the foreclosure process, followed by fourth place Riverside County reporting 1,482 properties in the foreclosure pipeline.

 

Top foreclosure rates found in Northern California

Stanislaus County reported the highest foreclosure rate in the state for the month of October with one new foreclosure filing for every 214 households — 3.6 times the state average and 4.7 times the national average. Second highest foreclosure rate was reported in Solano County with one new foreclosure filing for every 262 households — 2.9 times the state average and 3.8 times the national average. Merced County had the third highest rate with one new filing for every 269 households — 2.9 times the state average and 3.7 times the national average. San Joaquin County had the fourth highest rate at one new filing for every 283 households, and Kern County rounded out the top five with one new filing for every 374 households.

 

California contribution significant to national total

California’s foreclosure activity accounted for 14 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents an increase of 3 percent from the 112,210 foreclosures reported in September. The national foreclosure rate increased to one new foreclosure filing for every 1,001 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).

 

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

 

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Order Customized Reports
Detailed and historical foreclosure data used to create the above report may bepurchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext.158. Aggregate data is available at the state, metro, county and zip codelevels dating back to 2005, and address-level foreclosure records are alsoavailable historically.

Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com

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