CALIFORNIA FORECLOSURE ACTIVITY INCREASES 15 PERCENT IN JULY
California home foreclosures
Initial defaults (NOD) in California spiked 15 percent from the previous month, and the state registered the nation’s second highest state foreclosure rate for the third month in a row. One in every 123 California housing units received a foreclosure filing in July, nearly three times the national average. The July 2009 U.S. Foreclosure Market Repor™, was released today by RealtyTrac®, the leading online marketplace for foreclosure properties, The report shows foreclosure filings — default notices, scheduled auctions and bank repossessions.
Seven California metro areas documented foreclosure rates among the nation’s top 10 in July. Stockton posted the second highest metro foreclosure rate in the nation — one in every 62 housing units received a foreclosure filing — followed by Modesto at No. 3 (one in 63), Merced at No. 5 (one in 66), Riverside-San Bernardino-Ontario at No. 6 (one in 67), Bakersfield at No. 7 (one in 76), Vallejo-Fairfield at No. 8 (one in 83), and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 105).
Other cities with top 10 metro foreclosure rates were Cape Coral-Fort Myers, Fla., at No. 4, with one in every 64 housing units receiving a foreclosure filing, and Phoenix-Mesa-Scottsdale, Ariz., at No. 9, with one in every 103 housing units receiving a foreclosure filing.
The top four state foreclosure activity totals in July were reported by California, with 108,104 properties receiving a foreclosure filing; Florida, with 56,486 properties receiving a foreclosure filing; Arizona, with 19,694 properties receiving a foreclosure filing; and Nevada, with 19,535 properties receiving a foreclosure filing. Together these four states accounted for nearly 57 percent of the nation’s total foreclosure activity.
San Diego California housing
Comments are closed.
Given the ratio to income to sales price in California the foreclosure crisis will be a California problem for many years. Until the recent bubble lending 3 times income was a good yardstick but now it ranges from 6 to 10 times income and this has become the norm. A good example would be the city of Santa Rosa BMR problem that has a cap of 50K income for houses costing 304K using the FHA 3% down program. Low income cannot afford a 300K home; only in California is this type of thinking keep alive by local and state government. In fact the State yesterday wants to give low income families 100% financing for foreclosure homes in the most impacted parts of the state. These homes require extensive rehab which low income citizens do not have and will again provide a new wave of foreclosures in the coming years.
Poway real estate agents