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:

RealtyTrac

 

FORECLOSURE ACTIVITY UP 14 PERCENT IN SECOND QUARTER ACCORDING TO REALTYTRAC U.S. FORECLOSURE MARKET REPORT

 

Activity Increases 121 Percent From Q2 2007

95 of 100 Largest Metro Areas Post Annual Increases

 

IRVINE, Calif. – July 25, 2008 – RealtyTrac (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q2 2008 U.S. Foreclosure Market Report, which shows foreclosure filings were reported on 739,714 U.S. properties during the second quarter, a nearly 14 percent increase from the previous quarter and a 121 percent increase from the second quarter of 2007. The report also shows that one in every 171 U.S. households received a foreclosure filing during the quarter.

 

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, Arizona post top state foreclosure rates

One in every 43 Nevada households received a foreclosure filing during the second quarter, the highest foreclosure rate among the states and nearly four times the national average. Foreclosure filings were reported on 24,657 Nevada properties during the quarter, up 26 percent from the previous quarter and up 147 percent from the first quarter of 2007.

 

Foreclosure filings were reported on 202,599 California properties during the second quarter, the highest total among the states and a rate of one in every 65 households — the nation’s second highest state foreclosure rate. Foreclosure activity in California increased 19 percent from the previous quarter and was nearly three times the level reported in the second quarter of 2007.

 

With one in every 70 households receiving a foreclosure filing, Arizona posted the nation’s third highest state foreclosure rate in the second quarter. Foreclosure filings were reported on 37,230 Arizona properties during the quarter, up nearly 36 percent from the previous quarter and close to four times the number reported in the second quarter of 2007.

 

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 Florida properties during the quarter, the second highest total of any state and an increase of nearly 25 percent from the previous quarter.

 

Despite a nearly 15 percent quarterly decrease in foreclosure activity in the second quarter, Colorado posted the nation’s fifth highest state foreclosure rate — one in every 129 Colorado households received a foreclosure filing during the quarter. Second quarter foreclosure activity in Colorado was still up more than 50 percent from the second quarter of 2007.

 

Foreclosure filings were reported on 37,689 Ohio properties in the second quarter, the third highest total among the states and a rate of one in every 134 households — the nation’s sixth highest state foreclosure rate. Second quarter foreclosure activity in Ohio was up nearly 21 percent from the previous quarter and nearly 27 percent from the second quarter of 2007.

 

With foreclosure filings reported on 32,868 properties during the second quarter, Michigan notched the fifth highest total among the states. One in every 137 Michigan households received a foreclosure filing during the quarter, the nation’s seventh highest state foreclosure rate.

 

Other states with foreclosure rates among the top 10 were Georgia, Massachusetts and Illinois.

 

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. California and Florida metro areas accounted for 16 of the top 20 metro foreclosure rates, with the California cities of Stockton and Riverside-San Bernardino taking the No. 1 and No. 2 spots.

 

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 California metro areas in the top 20 were Bakersfield at No. 4, Sacramento at No. 5, Oakland at No. 8, Fresno at No. 9, San Diego at No. 11, Orange at No. 15, Ventura at No. 16 and Los Angeles at No. 19.

 

Las Vegas documented the third highest metro foreclosure rate, with one in every 35 households receiving a foreclosure filing during the quarter. Foreclosure filings were reported on 21,742 Las Vegas metro properties during the quarter, up more than 25 percent from the previous quarter and up nearly 144 percent from the second quarter of 2007.

 

The highest ranked Florida metro area was Fort Lauderdale, which ranked No. 6 with one in every 51 households receiving a foreclosure filing during the quarter. Other Florida metro areas in the top 20 were Miami at No. 10, Orlando at No. 13, Sarasota-Bradenton-Venice at No. 14, Tampa-St. Petersburg-Clearwater at No. 17 and Palm Beach at No. 18.

 

One in every 51 households in the Phoenix metro area received a foreclosure filing during the quarter, ranking No. 7; one in every 66 households in the Detroit metro area received a foreclosure filing during the quarter, ranking No. 12; and one in every 91 households in the Atlanta metro area received a foreclosure filing during the quarter, ranking No. 20.

 

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.

 

 

U.S. Foreclosure Market Data by State – Q2 2008

 

 

 

Properties with Foreclosure Filings

Rate Rank

State Name

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

% from Q1 08

% from Q2 07

U.S.

161,162

157,094

139,955

59,112

222,391

739,714

171

13.82

121.36

43

Alabama

3

0

680

0

1,146

1,829

1,154

7.59

-0.76

32

Alaska

1

0

445

0

60

506

547

5.20

75.69

3

Arizona

18

0

25,431

0

11,781

37,230

70

35.86

272.26

25

Arkansas

168

0

2,488

0

818

3,474

367

-7.41

226.50

2

California

119,836

0

19,968

0

62,795

202,599

65

19.29

197.78

5

Colorado

22

0

10,331

0

5,881

16,234

129

-14.54

50.69

19

Connecticut

0

3,872

2

845

226

4,945

290

-35.21

7.95

36

Delaware

0

0

0

308

297

605

633

12.66

178.80*

 

District of Columbia

226

0

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