Riverside-San Bernardino Metro Activity Falls in January

Total foreclosure filings decrease 2 percent for the month

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 12,202 Riverside-San Bernardino metro area properties in January, a 2 percent decrease from December. On a year-over-year basis the metro area’s foreclosure total is 9 percent below the level reported for January 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 120 Riverside-San Bernardino metro area housing units received a foreclosure filing in January, the fourth highest rate among the nation’s 206 metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. Unemployment within the area remained high, hovering at 14 percent.

 

Riverside County posts metro area’s top foreclosure rate and total in January

With one in every 114 housing units receiving a foreclosure filing in January — 4.4 times the national average and 1.8 times the state average — Riverside County posted the metro area’s highest foreclosure rate. Riverside County also led the metro area in foreclosure activity, reporting 6,819 properties with a foreclosure filing.

 

San Bernardino County had the second highest foreclosure rate, with one in every 128 housing units receiving a foreclosure filing during the month — 3.9 times the national average and 1.6 times the state average. San Bernardino County tallied the second highest total in the metro area, reporting 5,383 properties with foreclosure filings.

 

State tops the nation in total foreclosure filings for January

California reported 67,072 properties with foreclosure filings in January, giving it the highest state total in the nation. This latest total represents a 2 percent increase from the previous month, but is still 6 percent below the level reported in January 2010. One in every 200 California housing units received a foreclosure filing during the month, the third highest state foreclosure rate in the nation.

 

State the largest contributor to the nation’s foreclosure total in January

California accounted for 26 percent of the 261,333 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by more than 1 percent from December, but was down more than 17 percent from the level reported in January 2010. One in every 497 U.S. housing units received a foreclosure filing during the month.

 

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

 

Report methodology

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-San Bernardino Metro Area Top Foreclosure Rates By County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

n/a

n/a

California

24,162

0

27,017

0

15,893

67,072

200

2.48

n/a

Riverside-San Bernardino MSA

4,085

0

5,192

0

2,925

12,202

120

4.15

n/a

 

 

 

 

 

 

 

 

 

 

Riverside

2,236

0

2,987

0

1,596

6,819

114

4.38

1.76

San Bernardino

1,849

0

2,205

0

1,329

5,383

128

3.89

1.56

 

 

Riverside-San Bernardino Metro Area Top Foreclosure Totals by County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 10

% Chg Jan 10

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

1.39

-17.23

California

24,162

0

27,017

0

15,893

67,072

200

1.76

-6.61

Riverside-San Bernardino MSA

4,085

0

5,192

0

2,925

12,202

120

-1.87

-8.77

 

 

 

 

 

 

 

 

 

 

Riverside

2,236

0

2,987

0

1,596

6,819

114

2.88

-2.46

San Bernardino

1,849

0

2,205

0

1,329

5,383

128

-7.29

-15.68

 

 

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