Thursday, December 22, 2011
Statewide filings up 7 percent from September; Rate second highest
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 55,312 California properties in October, a 7 percent increase from September, but 17 percent below the level reported for October 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.
The Golden State maintained its position as the state with the second highest foreclosure rate, reporting one in every 243 California housing units with a foreclosure filing in October.
San Bruno California continues to lead the nation in terms of total properties with foreclosure filings by a large margin. Second ranked Florida reported 33,073 properties with foreclosure filings during the month. Third place was Michigan, where 16,106 properties with foreclosure filings were reported. Illinois had the fourth highest total, reporting 12,522 properties with foreclosure filings while Arizona took fifth place, tallying 10,626 properties with foreclosure filings.
The remaining states that make up the nation’s top 10 in October include Georgia (10,010), Texas (9,845), Ohio (8,691), Nevada (6,307) and Colorado (4,729). The top 10 accounted for 72 percent of the nation’s total foreclosure activity for the month.
San Joaquin County posts top foreclosure rate in the state for October
One in every 143 housing units in San Joaquin County had a foreclosure filing in October — 3.9 times the national average and 1.7 times the state average — the highest foreclosure rate of all California counties for the month. Calaveras and Stanislaus counties had the second highest rate of one in every 148 housing units with a foreclosure filing during the month — 3.8 times the national average and 1.7 times the state average. Yuba and Solano counties had the fourth highest rate of one in every 150 housing units with a foreclosure filing during the month — 3.8 times the national average and 1.6 times the state average.
Southern California stays atop the foreclosure heap in October
Five Southern California counties topped the list for highest foreclosure totals in the state for October. Los Angeles County continued to lead all counties by a large margin, reporting 11,498 properties with foreclosure filings for the month. Riverside County remained second highest, reporting 4,949 properties with foreclosure filings. San Bernardino County was third once again, reporting 4,476 properties with foreclosure filings. Fourth highest was Orange County, recording 3,866 properties with foreclosure filings. San Diego County was fifth highest, tallying 3,790 properties with foreclosure filings for the month.
State the nation’s largest contributor to total foreclosure activity in October
California accounted for 24 percent of the 230,678 properties with foreclosure filings reported nationwide in October. Total U.S. activity increased by more than 7 percent from September, but was down nearly 31 percent from the level reported in October 2010. One in every 563 U.S. housing units received a foreclosure filing during the month.
“The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems,” said James Saccacio, chief executive officer of RealtyTrac. “However, recent state court rulings and new state laws keep changing the rules of the foreclosure game on the fly, creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery.”
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