Riverside-San Bernardino Metro Area Foreclosures Down in 2010

Metro filings down 20 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 101,210 Riverside-San Bernardino metro area properties for 2010, down 20 percent from a year ago and 10 percent below the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 12,434 Riverside-San Bernardino metro area properties in December 2010, a 26 percent increase from November, but still 19 percent below the level reported in December 2009. One in every 117 metro housing units received a foreclosure filing during the month.

 

“The Riverside-San Bernardino metro area reported a welcome drop in foreclosure activity in 2010, with fewer filings reported than in either of the past two years,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the area appears to be inching down slowly, though with joblessness currently nearing 14 percent there is still much improvement to be made. Until we start seeing major job market gains and a related chipping away of foreclosure notices, this area will likely remain one of the worst affected in the nation in terms of foreclosure activity.”

 

One in every 14 Riverside-San Bernardino Metro Area housing units received a foreclosure filing in 2010, the sixth highest rate among the top 206 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

 

Riverside County posts top foreclosure rate and total in 2010

One in every 14 housing units received a foreclosure filing in Riverside County in 2010 — 3.2 times the national average and 1.8 times the state average. Riverside County also had the highest total, reporting 55,184 properties with a foreclosure filing.

 

San Bernardino County came in second, with one in every 15 housing units receiving a foreclosure filing in 2010 – three times the national average and 1.6 times the state average. San Bernardino County also had the second highest total, with 46,026 properties with foreclosure filings.

 

State ranked top nationally in total foreclosure filings for 2010

California reported 546,669 properties with foreclosure filings in 2010, giving it the highest state total in the nation. This latest total represents a 14 percent decrease from the previous year, but is still 4 percent above the level reported in 2008. One in every 25 California housing units received a foreclosure filing during the year, the fourth highest state foreclosure rate in the nation.

 

State the top contributor to total foreclosure activity in 2010

California accounted for 19 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Riverside-San Bernardino Metro Area

24,707

0

42,271

0

34,232

101,210

14

3.12

n/a

California

142,776

6

232,515

0

171,372

546,669

25

1.83

n/a

 

 

 

 

 

 

 

 

 

 

Riverside

13,133

0

23,420

0

18,631

55,184

14

3.22

1.76

San Bernardino

11,574

0

18,851

0

15,601

46,026

15

3.01

1.64

 

 

Riverside-San Bernardino Metro Area Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Riverside-San Bernardino Metro Area

24,707

0

42,271

0

34,232

101,210

14

-19.91

-9.86

California

142,776

6

232,515

0

171,372

546,669

25

-13.58

4.40

 

 

 

 

 

 

 

 

 

 

Riverside

13,133

0

23,420

0

18,631

55,184

14

-21.00

-10.76

San Bernardino

11,574

0

18,851

0

15,601

46,026

15

-18.57

-8.76

 

 

 

Riverside-San Bernardino Metro Area Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Riverside-San Bernardino Metro Area

4,704

0

5,337

0

2,393

12,434

117

4.27

n/a

California

24,389

0

29,481

0

12,045

65,915

203

2.46

n/a

 

 

 

 

 

 

 

 

 

 

Riverside

2,404

0

2,902

0

1,322

6,628

116

4.32

1.75

San Bernardino

2,300

0

2,435

0

1,071

5,806

118

4.23

1.72

 

 

Riverside-San Bernardino Metro Area Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Riverside-San Bernardino Metro Area

4,704

0

5,337

0

2,393

12,434

117

26.41

-18.71

California

24,389

0

29,481

0

12,045

65,915

203

14.88

-18.11

 

 

 

 

 

 

 

 

 

 

Riverside

2,404

0

2,902

0

1,322

6,628

116

21.15

-18.89

San Bernardino

2,300

0

2,435

0

1,071

5,806

118

33.01

-18.50

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