Riverside Metro Area Foreclosure Activity Down in Third Quarter

Filings down 1 percent from Q2 2011, down 27 percent from a year ago

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 26,133 Riverside metro area properties during the third quarter  of 2011, down 1 percent from the second quarter of 2011 and 27 percent below  the level reported for the same quarter last year, according to the latest RealtyTrac® U.S.  Foreclosure Market Report.

One in every 56 of the metro  area’s housing units had a foreclosure filing in third quarter 2011, the fifth  highest foreclosure rate among the 211 metro areas with populations exceeding  200,000 surveyed every month by RealtyTrac.

Foreclosure filings were reported  on 8,627 Riverside metro area properties in  September, a 15 percent decrease from August and down 37 percent from September  2010. One in every 170 Riverside metro area  housing units had a foreclosure filing in September, the sixth highest  foreclosure rate among those same 211 metro areas.

Riverside County posts top  foreclosure rate for the third quarter
  One in every 54 housing units in Riverside County had a foreclosure filing during  the third quarter of 2011 — four times the national average and 1.6 times the  state average. Riverside   County also had the  highest total, reporting 14,467 properties with foreclosure filings during the  quarter.

San Bernardino County had the second highest rate with one in every 59  housing units reporting a foreclosure filing — 3.6 times the national average  and 1.5 times the state average.
  San Bernardino County also was had the second highest total in the metro  area, reporting 11,666 properties with foreclosure filings.

State foreclosure activity up  in third quarter
  California reported 153,051 properties with foreclosure  filings in the third quarter of 2011. This latest total represents a 5 percent  increase from the second quarter, but is 20 percent below the level reported in  the third quarter of 2010. One in every 88 California housing units had a foreclosure  filing in the third quarter, the second highest state foreclosure rate in the  nation.

State the largest contributor  to nation’s foreclosure total in the third quarter
  California accounted for 25 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S. housing  units received a foreclosure filing during the quarter.

“U.S.  foreclosure activity has been mired down since October of last year, when  the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork,” said  James Saccacio, chief executive  officer of RealtyTrac. “While foreclosure  activity in September and the third quarter continued to register well below levels  from a year ago, there is evidence  that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back  up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the  foreclosure fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”

                          Riverside metro area Top Foreclosure Rates By County – Q32011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

Riverside MSA

11,471

0

8,398

0

6,264

26,133

56

3.80

n/a

California

69,587

0

48,030

0

35,434

153,051

88

2.43

n/a

 

 

 

 

 

 

 

 

 

 

Riverside

6,359

0

4,685

0

3,423

14,467

54

3.98

1.64

San Bernardino

5,112

0

3,713

0

2,841

11,666

59

3.61

1.49

 Riverside metro area Top Foreclosure Totals by County – Q32011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

Riverside MSA

11,471

0

8,398

0

6,264

26,133

56

-0.67

-27.13

California

69,587

0

48,030

0

35,434

153,051

88

4.81

-19.88

 

 

 

 

 

 

 

 

 

 

Riverside

6,359

0

4,685

0

3,423

14,467

54

1.41

-25.91

San Bernardino

5,112

0

3,713

0

2,841

11,666

59

-3.14

-28.59

 

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