California Foreclosure Activity Rises in First Quarter
By RealtyTrac Staff
Statewide filings down marginally from last year; nation’s 4th highest foreclosure rate March numbers up substantially from a month earlier; down from a year ago
Foreclosure activity in California rose 5 percent during the first quarter of 2010, but was down more than 6 percent from the same period last year. In all, the state reported 216,263 properties with foreclosure filings during the quarter, maintaining it’s status as the nation’s foreclosure leader for the 16th consecutive quarter. One in every 62 California housing units received a foreclosure filing during the quarter, the fourth highest state foreclosure rate in the nation.
The level of activity was more noteworthy in March, when the state reported 93,173 properties with foreclosure filings, a 36 percent increase from the previous month, but 14 percent below the level reported in March 2009. One in every 144 California housing units received a foreclosure filing during the month, the second highest state foreclosure rate.
“After a 17 percent decline between the third and fourth quarter of 2009, foreclosures began moving up again in the first quarter of this year and were up significantly in March,” said James J. Saccacio, chief executive officer of RealtyTrac. “The good news is that foreclosure activity was down somewhat on both a quarterly and monthly basis from the same time a year ago. The question remains, however, whether this is a sustainable trend or just momentary relief before another major upsurge in activity occurs throughout the state.”
Florida continued its ranking as second highest in the nation, reporting 153,540 properties with foreclosure filings for the quarter. Arizona came in third highest, documenting 55,686 properties with foreclosure filings. Illinois ranked fourth, reporting 45,780 properties with foreclosure filings. Michigan was a close fifth, reporting 45,732 properties with foreclosure filings for the quarter.
The remaining states in the nation’s top 10 for total foreclosure activity for the first quarter were Georgia (39,911), Texas (37,354), Nevada (34,557), Ohio (33,221), and Colorado (16,023). In all, the top 10 accounted for 73 percent of all foreclosure filings in the nation for the quarter.
Riverside, Stanislaus counties tops in foreclosure rate for the first quarter
Riverside and Stanislaus counties both posted the highest county foreclosure rate in the state during the first quarter, as one in every 34 housing units received a foreclosure filing in both counties — 4.1 times the national average and 1.8 times the state average. San Joaquin and Merced counties tied for third, with one in every 36 housing units receiving a foreclosure filing — 3.8 times the national average and 1.7 times the state average. With one in every 38 housing units receiving a foreclosure filing — 3.7 times the national average and 1.7 times the state average — San Bernardino County came in fifth highest.
So Cal leads state in total foreclosures for the first quarter
Five counties in Southern California led the state in total foreclosure activity during the first quarter. Los Angeles County documented more than double the activity of its nearest competitor, totaling 46,452 properties with foreclosure filings for the quarter. Riverside County was second, reporting 22,719 properties with foreclosure filings. Reporting 18,279 properties with foreclosure filings for the month, San Bernardino County came in third. San Diego County was fourth, reporting 16,570 properties with foreclosure filings. Fifth highest total was Orange County, where 12,841 properties with foreclosure filings were reported for the quarter.
State the nation’s largest single contributor to quarterly foreclosure total
By itself, California represented 23 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.
View and Download our April 2010 Foreclosure Market Trend Report
