LA TIMES - Foreclosure filings -- that includes default notices, auction sale notices and bank repossessions -- were reported for 60,491 California residences in November, according to Irvine-based RealtyTrac, the most of any state. That was up 6% from the previous month (after two months of decreases) and a 51% increase from November 2007.
Just what are we talking about here? That translates into 1 in every 218 houses or more than two times the national average.
Some of the California metro areas making the U.S. Top 10 list for foreclosure filings and where they ranked:
Upland 3. Merced, 1 in 76
4. Modesto, 1 in 93
5. Stockton, 1 in 94
6. Riverside-San Bernardino, 1 in 107
9. Bakersfield, 1 in 129
10. Vallejo-Fairfield, 1 in 133
Nationwide, RealtyTrac showed a 7% decrease in November foreclosure filings (1 in 488) from October, but a 28% increase since November 2007.
As to why there was a November decrease nationally, RealtyTrac CEO James J. Saccacio cited state laws that have extended the foreclosure process, loan modification programs and holiday foreclosure moratoriums. "There are several indications, however, that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months."
I think he's got that right. The November slowdown was merely a delay of much more to come.
For the record: As commenter TMSELF correctly points out, California is not the leader in percent of homes in foreclosure filing: "Nevada maintained the nation’s No. 1 foreclosure rate, with one in every 76 housing units receiving a foreclosure filing during the month — more than six times the national average," according to RealtyTrac. Also ahead of California, Florida with 1 in 173 homes and Arizona with 1 in 198 homes.
-- Lauren Beale
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