Nationwide foreclosure activity dropped 3 percent in June, but the San Bernardino-Riverside-Ontario metropolitan area still ranks No. 5 in the country on the foreclosure filing totem pole.
One in every 95 local households received a foreclosure filing, according to a report released this morning by Irvine-based real-estate data company RealtyTrac Inc.
These so-called “filings” include default notices, auction sale notices and bank repossessions.
June marks the region’s second consecutive month of being ranked at No. 5. In April, the area’s rank peaked at No. 4.
Seven out of the top 10 cities in today’s report are in California, a sign that foreclosures will continue to pummel the state’s real-estate market for the time being.
Foreclosure filings for California decreased 4.5 percent from May to June, but they’re up 77 percent when compared to June 2007.
One out of every 192 households in California received a foreclosure filing in June, more than double the national average.
Quarterly, the San Bernardino-Riverside-Ontario area ranks even worse.
RealtyTrac said in late April that the region was No. 2 nationwide in foreclosure filings for the first quarter of this year. Its second-quarter report will be released in late July.
Look below to see RealtyTrac’s foreclosure report for June:
FORECLOSURE ACTIVITY DECREASES 3 PERCENT IN JUNE
ACCORDING TO REALTYTRAC
Foreclosure Activity Up 53 Percent From June 2007
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.
“June was the second straight month with more than a quarter million properties nationwide receiving foreclosure filings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosure activity slipped 3 percent lower from the previous month, but the year-over-year increase of more than 50 percent indicates we have not yet reached the top of this foreclosure cycle. Bank repossessions, or REOs, continue to increase at a much faster pace than default notices or auction notices. REOs in June were up 171 percent from a year ago, while default notices were up 38 percent and auction notices were up 22 percent over the same time period.”
Despite slight monthly decreases in foreclosure activity,
Foreclosure filings were reported on 8,713
One in every 192
One in every 201
Other states with foreclosure rates ranking among the top 10 were
Foreclosure filings were reported on 68,666
Foreclosure filings were reported on 13,194
Other states in the top 10 for total properties with filings were
For the third month in a row,
The top metro foreclosure rate in
Metro areas with foreclosure rates among the top 20 included
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 month — 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 month — which is extremely rare — 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.