1 in every 32 I.E. homeowners delinquent, in foreclosure or seeing home auctioned
From April to June, one in every 32 homeowners in the San Bernardino-Ontario-Riverside region either gave up the keys to their house, saw it auctioned off or couldn't pay their mortgage on time, according to a report released today by Irvine-based data company RealtyTrac.
On a quarterly basis, the area ranked No. 2 in foreclosure filings nationwide, the same rank bestowed during this year's first quarter. The so-called "filings" include foreclosures, default notices and auctions. Stockton was No. 1 and four other California metro areas placed in the top 10 out of RealtyTrac's list of 100 cities.
The 43,600 second-quarter foreclosure filings in our region jumped 17 percent from the first quarter and almost tripled from a year ago.
On Thursday, the National Association of Realtors said nationwide existing home sales dropped 2.6 percent in June -- more than double the decline that had been expected and 15 percent lower than where they were a year ago.
The association also said the median price for a home sold in June dropped 6 percent from a year ago, the fifth largest year-over-year price decline on record.
Nationwide, one in every 171 households received a foreclosure filing during the second quarter, which amounts to almost 740,000 properties, RealtyTrac said.
More than 202,000 of these properties are in California, where one in every 65 homes received a filing, the highest state ratio in the country.
--matthew.wrye@inlandnewspapers.com
Look below to read RealtyTrac's news release:
FORECLOSURE ACTIVITY UP 14 PERCENT IN SECOND QUARTER ACCORDING TO REALTYTRAC®
Activity Increases 121 Percent From Q2 2007
95 of 100 Largest Metro Areas Post Annual Increases
RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal's Real Estate Journal.
"Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity," said James J. Saccacio, chief executive officer of RealtyTrac. "Forty-eight of 50 states and 95 out of the nation's 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter.
"Bank repossessions, or REOs, accounted for 30 percent of total foreclosure activity in the second quarter, up from 24 percent of the total in the first quarter," Saccacio continued. "This shift in the distribution of activity indicates that there is a progression toward purging the problem loans out of the system -- at which point the housing market can regain some sense of normalcy. Of course if another surge in defaults occurs, which could well happen later this year, it would refill the foreclosure pipeline and prolong the recovery."
Nevada, California,
One in every 43
Foreclosure filings were reported on 202,599
With one in every 70 households receiving a foreclosure filing,
Florida documented the nation's fourth highest state foreclosure rate in the second quarter, with one in every 78 households receiving a foreclosure filing during the quarter -- more than twice the national average. Foreclosure filings were reported on 109,433
Despite a nearly 15 percent quarterly decrease in foreclosure activity in the second quarter,
Foreclosure filings were reported on 37,689
With foreclosure filings reported on 32,868 properties during the second quarter,
Other states with foreclosure rates among the top 10 were
Top 20 metro areas include Las Vegas, Phoenix, Miami, San Diego and Detroit
The Q2 2008 U.S. Foreclosure Market Report also ranks the nation's 100 largest metropolitan areas by foreclosure rate.
One in every 25 Stockton households received a foreclosure filing during the quarter -- nearly seven times the national average -- and one in every 32 Riverside-San Bernardino households received a foreclosure filing during the quarter -- more than five times the national average. Other
The highest ranked
One in every 51 households in the
Report methodology
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter -- broken out by type of filing at the state and national level. Data is also available at the individual county level. 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 filed against a property during the quarter 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 quarter. 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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|
Properties with Foreclosure Filings | ||||||||
|
State Name |
NOD |
LIS |
NTS |
NFS |
REO |
Total |
1/every X HH (rate) |
%Δ from Q1 08 |
%Δ from Q2 07 | |
|
-- |
|
161,162 |
157,094 |
139,955 |
59,112 |
222,391 |
739,714 |
171 |
13.82 |
121.36 |
|
43 |
3 |
0 |
680 |
0 |
1,146 |
1,829 |
1,154 |
7.59 |
-0.76 | |
|
32 |
1 |
0 |
445 |
0 |
60 |
506 |
547 |
5.20 |
75.69 | |
|
3 |
18 |
0 |
25,431 |
0 |
11,781 |
37,230 |
70 |
35.86 |
272.26 | |
|
25 |
168 |
0 |
2,488 |
0 |
818 |
3,474 |
367 |
-7.41 |
226.50 | |
|
2 |
119,836 |
0 |
19,968 |
0 |
62,795 |
202,599 |
65 |
19.29 |
197.78 | |
|
5 |
22 |
0 |
10,331 |
0 |
5,881 |
16,234 |
129 |
-14.54 |
50.69 | |
|
19 |
0 |
3,872 |
2 |
845 |
226 |
4,945 |
290 |
-35.21 |
7.95 | |
|
36 |
0 |
0 |
0 |
308 |
297 |
605 |
633 |
12.66 |
178.80* | |
|
|
226 |
0 |
| |||||||
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