LOS ANGELES FORECLOSURES LEVEL OFF IN JULY

San Bernardino Foreclosure Rate Increases by 48 Percent

Orange, Riverside County Foreclosures Decrease

 

IRVINE, Calif. – Aug. 22, 2006 – Foreclosure filings in the Los Angeles metro area leveled off in July, increasing just 1 percent after a 23 percent spike the month before, according to the RealtyTrac™ 2006 U.S. Foreclosure Market Report. The four-county metropolitan area recorded 4,340 properties entering some stage of foreclosure — 32 more than the previous month — and a foreclosure rate of one new foreclosure filing for every 1,250 households.

 

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

 

The metro area’s foreclosure rate ranked third highest among five major metropolitan areas analyzed by RealtyTrac, moving up a place from the previous month. New York and Philadelphia documented lower foreclosure rates than Los Angeles, while Dallas-Fort Worth and Chicago documented higher foreclosure rates than Los Angeles.

 

“The foreclosure rate in Los Angeles has been hovering close to the national average for the last two months, a sign that the area’s foreclosure market may be settling into a pattern that’s more in line with the rest of the country and with historical rates,” said James J. Saccacio, chief executive officer of RealtyTrac. “Low unemployment and turbo-charged home price appreciation have largely insulated the region from foreclosures in the last few years, but that insulation appears to be wearing thin. Homeowners who are not prepared for a cooling market may be in for a bit of a shock if they need to refinance or sell their property to avoid foreclosure.”

 

Los Angeles County was one of two counties in the four-county metropolitan area with increasing foreclosure activity in July. The county reported 2,001 properties entering some stage of foreclosure, a 14 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 1,635 households. Despite increasing 30 percent over the last two months, the county’s foreclosure rate continued to register below the national average.

 

San Bernardino notched a foreclosure rate that was 1.8 times the national average thanks in part to a 48 percent jump in foreclosure activity. The county reported 846 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 711 households.

 

Riverside County posted the metro area’s highest foreclosure rate for the ninth month in a row despite a 30 percent drop in foreclosure activity. The county reported 939 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 623 households — two times the national average.

 

Orange County reported 554 properties entering some stage of foreclosure, a 13 percent decrease from the previous month and a foreclosure rate of one new foreclosure filing for every 1,750 households.

 

California reported 10,025 properties entering some stage of foreclosure in June, just six fewer than the previous month and the third most reported by any state. The state’s foreclosure rate of one new foreclosure filing for every 1,218 households continued to register slightly above the national average.

 

After hitting its lowest point year to date in June, U.S. foreclosure activity bounced 5 percent higher in July, with 92,845 properties entering some stage of foreclosure during the month — a foreclosure rate of one new foreclosure filing for every 1,245 households.

 

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 – July 2006

 

Area

NODs

NTSs

NFSs

LISs

REOs

Total

1 in every #households

%Change from previous month

US

20,202

38,173

4,795

13,295

16,380

92,845

1,245

5.27

California

8,664

1,228

0

0

133

10,025

1,218

-0.06

Los Angeles Metro

3,854

435

0

0

51

4,340

1,250

0.743

Los Angeles County

1,721

258

0

0

22

2,001

1,635

13.564

Orange County

518

33

0

0

3

554

1,750

-13.302

Riverside County

837

85

0

0

17

939

623

-29.610

San Bernardino County

778

59

0

0

9

846

711

47.644

 


 

 

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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