Riverside-San Bernardino Metro Area Foreclosure Activity Up in April

Filings up slightly for month; down from a year earlier

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 10,066 Riverside-San Bernardino Metro Area properties in April, up fractionally from March, but down 24 percent from April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 145 metro area housing units received a foreclosure filing in April, the fourth highest foreclosure rate among the 206 metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.  Joblessness continues to drive the metro area’s foreclosure activity with the area’s unemployment rate remaining high at 13.4 percent.

 

Riverside County tops in foreclosure rate and total for April

One in every 145 housing units in Riverside County received a foreclosure filing in April — 4.1 times the national average and 1.7 times the state average — the highest foreclosure rate of the metro area. Riverside County also had the highest total foreclosures, reporting 5,350 filings for the month.

 

The second highest rate was reported in San Bernardino County, where one in every 146 housing units received a foreclosure filing during the month — 4.1 times the national average and 1.7 times the state average. San Bernardino County had the second highest total, reporting 4,716 properties with foreclosure filings.

 

State ranked top nationally in foreclosure filings

California reported 55,869 properties with foreclosure filings in April, giving it the highest state total in the nation. This latest total represents a 7 percent decrease from the previous month and is 20 percent below the level reported in April 2010. One in every 240 California housing units received a foreclosure filing during the month, the third highest state foreclosure rate in the nation.

 

State is top contributor to nation’s foreclosure crisis in April

California accounted for 25 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

California

22,599

0

19,529

0

13,741

55,869

240

2.47

n/a

Riverside MSA

3,998

0

3,414

0

2,654

10,066

145

4.08

n/a

 

 

 

 

 

 

 

 

 

 

Riverside

2,182

0

1,808

0

1,360

5,350

145

4.09

1.66

San Bernardino

1,816

0

1,606

0

1,294

4,716

146

4.06

1.65

 

 

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

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

California

22,599

0

19,529

0

13,741

55,869

240

-7.26

-19.87

Riverside MSA

3,998

0

3,414

0

2,654

10,066

145

0.33

-23.63

 

 

 

 

 

 

 

 

 

 

Riverside

2,182

0

1,808

0

1,360

5,350

145

-5.68

-26.86

San Bernardino

1,816

0

1,606

0

1,294

4,716

146

8.14

-19.60

 

 

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