Los Angeles Foreclosures Increase 23 Percent in June

 

 

LOS ANGELES FORECLOSURES INCREASE 23 PERCENT IN JUNE

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Orange County and Riverside County Foreclosures Also Increase

As California Foreclosures Inch Above National Average

 

IRVINE, Calif. – July 18, 2006 – Foreclosure filings in the Los Angeles metro area increased 23 percent in June, ending two straight months of declining foreclosure activity in the region, according to the RealtyTrac™ 2006 Monthly U.S. Foreclosure Market Report. The four-county metropolitan area recorded 4,308 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 1,260 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 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.

 

Los Angeles foreclosures increased substantially this month, moving the region’s foreclosure rate slightly above the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “Los Angeles still has the second-lowest foreclosure rate among the nation’s top five metropolitan areas, and is still below its high point of the year, which occurred in March.”

 

The Los Angeles foreclosure rate was lower than the foreclosure rates in Dallas-Fort Worth, Chicago and Philadelphia, but higher than the foreclosure rate in New York City.

 

After three consecutive months of declining foreclosures, Los Angeles County foreclosure activity increased 16 percent in June. The county reported 1,762 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 1,856 households — still below state and national averages.

 

Orange County‘s foreclosure rate moved higher than the foreclosure rate in Los Angeles County for the first time this year thanks to a 60 percent spike in foreclosure activity. With 639 properties entering some stage of foreclosure, the county documented a foreclosure rate of one new foreclosure filing for every 1,517 households.

 

Riverside County posted the metro area’s highest foreclosure rate, with one new foreclosure filing for every 438 households — nearly three times the national average and the third highest county foreclosure rate in California. The county reported 1,334 properties entering some stage of foreclosure, a 25 percent increase from the previous month.

 

California reported 10,031 properties entering some stage of foreclosure in June, the second highest number of foreclosures reported by any state and a 15 percent increase from the previous month. The state’s foreclosure rate of one new foreclosure filing for every 1,218 households inched above the national average for the first time since March.

 

With 88,195 properties nationwide entering some stage of foreclosure in June, U.S. foreclosure activity decreased 5 percent from the previous month but was up 17 percent from June 2005. The nation’s foreclosure rate of one new foreclosure filing for every 1,311 households dropped to its lowest level of the year but was still higher than in any month last year.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, statewide and by county in the Los Angeles Metropolitan Statistical Area over the preceding month. 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 re-purchased by a bank).

 

Los Angeles Area Foreclosure Market Statistics by County – June 2006

 

Area

NODs

NTSs

NFSs

LISs

REOs

Total

1 in every #households

%Change from previous month

US

21,866

38,382

2,966

9,598

15,383

88,195

1,311

-4.91

California

8,456

1,284

0

0

291

10,031

1,218

14.82

Los Angeles Metro

3,811

428

0

0

69

4,308

1,260

23.051

Los Angeles County

1,590

148

0

0

24

1,762

1,856

15.693

Orange County

574

53

0

0

12

639

1,517

60.150

Riverside County

1,163

149

0

0

22

1,334

438

25.141

San Bernardino County

484

78

0

0

11

573

1,050

11.696

 

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by ComScore Media Metrix, 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 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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