California Foreclosures up 48% in August!

For the eighth consecutive month California led the nation in foreclosure activity, reporting 57,875 foreclosure filings in August, a 48 percent increase from the previous month and more than four times the number reported in August 2006, according to the latest RealtyTrac U.S. Foreclosure Market Report. With one foreclosure filing for every 224 households 2.3 times the national average the state foreclosures rate ranked second highest in the nation.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal, Real Estate Journal.

This is the third major spike in Californias foreclosure activity we have seen so far this year, bringing the states total to 364 percent above the level reported just a year ago, said James J. Saccacio, chief executive officer of RealtyTrac. Many factors are contributing to this phenomenon including falling home sales numbers, home prices that have turned negative statewide and a larger inventory of unsold housing.

The Golden State far outdistanced second place Florida, which reported 33,932 foreclosure filings for August. Ohio reported the third highest foreclosure total for the month with 17,793 filings. Texas came in fourth, with 16,970 foreclosure filings, while Michigan rounded out the nations top five, reporting 15,565 filings in some stage of the foreclosure pipeline. The remaining states in the nations top 10 for total foreclosure filings in August were Georgia, Arizona, Colorado, Illinois and Nevada.

Five counties account for more than half of states foreclosure total
Five California counties accounted for 59 percent of all activity in the state for August.
1. Los Angeles County reported the highest county total in the state, with 11,876 foreclosure filings for the month.
2.Riverside County came in second, with 7,266 foreclosure filings.
3.Sacramento County reported the third highest total, with 5,284 foreclosure filings.
4.Fourth highest county total was reported in San Bernardino County, with 4,876 filings, followed closely by
5.San Diego County, with 4,845 filings entering some stage of the foreclosure pipeline.

Northern California counties dominate highest foreclosure rates
Four out of the five top counties with the highest foreclosure rates in the state were in the northern half of the state in August. Leading the pack was
1.Stanislaus County, with a rate of one foreclosure filing for every 79 households 2.9 times the state average and 6.5 times the national average.
2.San Joaquin County posted the second highest rate, one foreclosure filing for every 81 households 2.8 times the state average and 6.3 times the national average.
3.Merced County had the third highest rate for the month, one foreclosure filing for every 82 households 2.7 times the state average and 6.2 times the national average.
4.The fourth highest rate was posted by Riverside County, with one foreclosure filing for every 96 households, followed by Sacramento County, which posted a rate of one foreclosure filing for every 100 households.

State a major contributor to national total
California accounted for 24 percent of the 243,947 foreclosure filings nationwide in August. The national total represents a 36 percent increase from the previous month and is up 115 percent from August 2006. The nations foreclosure rate increased to one foreclosure filing for every 510 U.S. households for the month.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings both nationwide and by state over the preceding month. RealtyTracs report includes properties in all three phases of foreclosure: Defaults Notice of Default (NOD) and Lis Pendens (LIS); Auctions 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).



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