CALIFORNIA FORECLOSURES JUMP 25 PERCENT IN AUGUST

State Third Nationally in Activity; Level Soars 160 Percent From a Year Ago

 

IRVINE, Calif. – August 31, 2006 – California ranked third in the country for volume of foreclosure activity in August, reporting 12,506 properties entering some stage of the foreclosure process during the month. This represents a 25 percent spike in activity from the 10,025 properties reported for July, and is 160 percent above the 4,810 properties reported for the same month last year, according to the RealtyTrac™ August 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.

 

California‘s economy continues to perform well overall. But the real estate market there, in particular, has taken a big hit,” said James J. Saccacio, chief executive officer of RealtyTrac.  “Available housing inventory is on the rise as home sales and the rate of price appreciation continue to slow. Those factors, combined with low affordability statewide, are major contributors to the present upswing in foreclosures we are seeing.”

 

California came in third behind first place Florida by approximately 4,000 foreclosures, and behind second place Texas by about 1,700 foreclosures in August. This shift in position is an improvement from figures released in June 2006 showing California in second place behind Texas with Florida coming in third. Reporting one new foreclosure filing for every 977 households — slightly above the national average — California had the 12th  highest foreclosure rate in the country for the month.

 

Top six counties account for largest share of state’s foreclosures

Six counties accounted for 60 percent of all foreclosures in California for August. Once again Los Angeles led the way, reporting 2,107 properties entering some stage of the foreclosure process during the month. Riverside County had the second highest total, reporting 1,627 properties entering some stage of the foreclosure process. Third highest total went to San Diego County, reporting 1,396 properties, followed by San Bernardino County reporting 1,090 properties. Completing the top six were Contra Costa County reporting 649 properties and Alameda County reporting 648 properties in the foreclosure pipeline.

 

Highest foreclosure rates found mostly in Northern California

Of the top five foreclosures rates reported in California for August only Riverside County was located in the southern half of the state. Reporting one new foreclosure filing for every 359 households — 2.7 times the state average and 2.8 times the national average — Riverside County led the state with the highest foreclosure rate of the month. The county with the second highest rate was Solano County, reporting one new foreclosure filing for every 392 households — 2.5 times the state average and 2.6 times the national average. Rounding out the top five were San Joaquin County reporting one new filing for every 458 households, Merced County reporting one new filing for every 499  households and Stanislaus County with one new filing for every 508 households.

 

California contributes significant amount to monthly national total

California contributed 11 percent of the 115,292 properties entering some stage of foreclosure nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The national foreclosure rate increased to one new foreclosure filing for every 1,003 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 – August 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

California

10,862

1,437

0

0

207

12,506

977

1.03

 

 

 

 

 

 

 

 

 

 

Alameda

543

97

0

0

8

648

834

1.20

1.17

Amador

7

0

0

0

0

7

2,148

0.47

0.45

Butte

56

5

0

0

7

68

1,258

0.80

0.78

Calaveras

3

0

0

0

1

4

5,737

0.17

0.17

Colusa

1

0

0

0

0

1

6,774

0.15

0.14

Contra Costa

575

69

0

0

5

649

546

1.84

1.79

Del Norte

2

0

0

0

0

2

5,217

0.19

0.19

El Dorado

75

14

0

0

2

91

783

1.28

1.25

Fresno

323

42

0

0

5

370

732

1.37

1.33

Glenn

3

1

0

0

0

4

2,496

0.40

0.39

Humboldt

11

4

0

0

1

16

3,495

0.29

0.28

Imperial

0

0

0

0

0

0

0.00

0.00

Inyo

0

0

0

0

0

0

0.00

0.00

Kern

310

27

0

0

3

340

681

1.47

1.43

Kings

17

1

0

0

0

18

2,031

0.49

0.48

Lake

14

6

0

0

4

24

1,355

0.74

0.72

Lassen

1

1

0

0

0

2

6,000

0.17

0.16

Los Angeles

1,731

340

0

0

36

2,107

1,552

0.65

0.63

Madera

26

1

0

0

1

28

1,442

0.70

0.68

Marin

17

2

0

0

0

19

5,526

0.18

0.18

Mariposa

0

0

0

0

0

0

0.00

0.00

Mendocino

13

4

0

0

0

17

2,173

0.46

0.45

Merced

118

12

0

0

7

137

499

2.01

1.96

Mono

0

0

0

0

0

0

0.00

0.00

Monterey

41

7

0

0

0

48

2,733

0.37

0.36

Napa

10

2

0

0

0

12

4,046

0.25

0.24

Nevada

29

1

0

0

0

30

1,476

0.68

0.66

Orange

567

34

0

0

5

606

1,600

0.63

0.61

Placer

175

29

0

0

4

208

516

1.94

1.89

Plumas

1

1

0

0

0

2

6,693

0.15

0.15

Riverside

1,514

92

0

0

21

1,627

359

2.79

2.72

Sacramento

372

167

0

0

13

552

860

1.17

1.14

San Benito

15

1

0

0

0

16

1,031

0.97

0.95

San Bernardino

996

75

0

0

19

1,090

552

1.82

1.77

San Diego

1,238

134

0

0

24

1,396

745

1.35

1.31

San Francisco

100

22

0

0

0

122

2,840

0.35

0.34

San Joaquin

377

31

0

0

5

413

458

2.19

2.13

San Luis obispo

31

5

0

0

1

37

2,764

0.36

0.35

San Mateo

143

16

0

0

2

161

1,618

0.62

0.60

Santa Barbara

52

3

0

0

2

57

2,507

0.40

0.39

Santa Clara

360

30

0

0

4

394

1,470

0.68

0.66

Santa Cruz

22

2

0

0

3

27

3,662

0.27

0.27

Shasta

34

0

0

0

4

38

1,811

0.55

0.54

Siskiyou

3

0

0

0

0

3

7,316

0.14

0.13

Solano

288

53

0

0

2

343

392

2.56

2.49

Sonoma

68

10

0

0

5

83

2,207

0.45

0.44

Stanislaus

254

40

0

0

3

297

508

1.98

1.92

Sutter

16

3

0

0

3

22

1,287

0.78

0.76

Tehama

6

3

0

0

0

9

2,616

0.38

0.37

Trinity

0

0

0

0

0

0

0.00

0.00

Tulare

146

11

0

0

1

158

757

1.32

1.29

Tuolumne

12

3

0

0

1

16

1,771

0.57

0.55

Ventura

107

27

0

0

2

136

1,851

0.54

0.53

Yolo

26

4

0

0

0

30

2,053

0.49

0.48

Yuba

13

5

0

0

3

21

1,078

0.93

0.91

 

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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