Filings slide 16 percent from second half of 2010
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 46,959 Riverside metro area properties during the first six months of 2011, a 16 percent drop from the second half of 2010 and 26 percent below the level reported for the first half of last year, according to the Midyear 2011 Foreclosure Market Report just released by RealtyTrac®.
One in every 31 metro area housing units received a foreclosure filing in the first half of 2011, the fifth highest foreclosure rate among the 206 metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.
Foreclosure filings were reported on 10,585 metro area properties in June, up 22 percent from May, but down 16 percent from June 2010. One in every 138 housing units in the metro area had a foreclosure filing in June, the second highest foreclosure rate in the nation.
Riverside County posts top foreclosure rate and total at midyear
Riverside County posted the top county foreclosure rate in the metro area for the first half of 2011 — one in every 30 housing units with a foreclosure filing — 3.7 times the national average and 1.7 times the state average. Riverside County also had the highest foreclosure total, reporting 25,901 properties with foreclosure filings for the period.
San Bernardino County had the second highest rate for the six-month period — with one in every 33 housing units receiving a foreclosure filing — 3.4 times the national average and 1.6 times the state average. San Bernardino had the second highest total, reporting 21,058 properties with foreclosure filings.
State is top contributor to nation’s foreclosure total in 2011
California reported 263,500 properties with foreclosure filings in the first half of 2011. This latest total represents a 13 percent decrease from the second half of 2010 and is 23 percent below the level reported in the first half of 2010. One in every 51 California housing units received a foreclosure filing during the half, the third highest state foreclosure rate in the nation.
California accounted for over 22 percent of the 1,170,402 properties with foreclosure filings reported nationwide for the first half of 2011. Total U.S. activity decreased 25 percent from the second half of 2010, and was down 29 percent from the level reported for the first half of 2010. One in every 111 U.S. housing units received a foreclosure filing during the first six months of the year.
“It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn’t appear to be the case.
“Processing and procedural delays are pushing foreclosures further and further out – we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number.”
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac‘s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — 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). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.
For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.
Riverside Metro Area Market Data By County – Midyear 2011
Total Properties with Filings
% Housing Units
1 every X HU
% Chg July-Dec 10
% Chg Jan-June 2010
Riverside Metro Area Market Data by County – June 2011
1/every X HU (rate)
% Chg May 11
% Chg June 10