Thursday, September 22, 2011

California Foreclosure Activity Continues to Decline in July

Statewide filings down 7 percent from April, 28 percent from a year ago

 Foreclosure filings — default notices, scheduled auctions and bank repossessions — rose for the second straight month in California, where 56,193 properties were reported in July, a 4 percent increase from June but 16 percent below the level reported for July 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report. This is the 20th straight monthly decline in California foreclosure activity year-over-year.
Ingleside Terrace Homes

 The Golden State also saw its foreclosure rate go up a notch in the national rankings, moving into second position at a rate of one in every 239 California housing units with a foreclosure filing in July.

 California more than doubled the total foreclosure activity reported by second place Florida, where 22,377 properties with foreclosure filings were tallied during the month. Ranking a distant third was Georgia, where 11,461 properties with foreclosure filings were reported. Fourth highest total was in Michigan once again, reporting 10,894 properties with foreclosure filings while Illinois took fifth place, tallying 10,627 properties with foreclosure filings.

 The remaining states that make up the nation’s top 10 in July include Texas (10,571), Arizona (10,098), Nevada (9,930), Ohio (8,376) and Wisconsin (4,534). The top 10 accounted for 73 percent of the nation’s total foreclosure activity for the month.

 San Joaquin County posts top foreclosure rate in the state for July

One in every 124 housing units in San Joaquin County received a foreclosure filing in July — 4.9 times the national average and 1.9 times the state average — the highest foreclosure rate of all California counties for the month. Yuba County had the second highest rate of one in every 132 housing units with a foreclosure filing during the month — 4.6 times the national average and 1.8 times the state average. Stanislaus and Solano counties tied for third highest rate of one in every 140 housing units with a foreclosure filing during the month — 4.4 times the national average and 1.7 times the state average.

 Southern California stays atop the foreclosure heap in July

Five Southern California counties topped the list for highest foreclosure totals in the state for July. Los Angeles County continued to far outdistance the nearest competitor, reporting 11,429 properties with foreclosure filings for the month. Riverside County remained second highest, reporting 5,460 properties with foreclosure filings. San Bernardino County was third once again, reporting 4,399 properties with foreclosure filings. Fourth highest was San Diego County, where 3,795 properties with foreclosure filings. Orange County was fifth highest once again, tallying 3,405 properties with foreclosure filings for the month.

 State the nation’s largest contributor to total foreclosure activity in May

California accounted for 26 percent of the 212,764 properties with foreclosure filings reported nationwide in July. Total U.S. activity decreased by more than 4 percent from June, and was down nearly 35 percent from the level reported in July 2010. One in every 611 U.S. housing units received a foreclosure filing during the month.

 “July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed Ingleside Terrace Home owners to stave off foreclosure.

 “Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio continued. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery."

 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.

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