California: America's foreclosure capital

News item this morning from Reuters: "Home foreclosure filings jumped 53% in June from a year earlier, although they were down 3% from May, and foreclosures are expected to rise further, real estate data firm RealtyTrac said on Thursday."

More: " 'June was the second straight month with more than a quarter million properties nationwide receiving foreclosure filings,' said James J. Saccacio, chief executive officer of RealtyTrac. 'We have not yet reached the top of this foreclosure cycle.' "

In California: RealtyTrac reported that foreclosure filings (note: that's all foreclosure filings, including notices of default) fell 5% from May levels, but are still running 77% ahead of levels a year ago. That 77% level is a slight improvement over May, when foreclosure filings were running 81% ahead of year-earlier numbers.

Why the California-bashing headline? Because of this: In ranking cities by their "foreclosure rate," "Seven California metro areas were in the top 10, and the top three rates were in California," RealtyTrac said.

California's highest foreclosure rates by city, according to RealtyTrac, with national ranking:

1) Stockton, with 1 in every 72 households receiving a foreclosure filing
2) Merced, with 1 in every 77 households receiving a foreclosure filing
3) Modesto, with 1 in every 86 households receiving a foreclosure filing
5) Riverside-San Bernardino
7) Vallejo-Fairfield
8) Bakersfield
10) Salinas-Monterey

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo: Associated Press

Comments

[Cal]

The rate of growth of the NOD is dropping and the growth of trustee sales is rising. If you get into the foreclosure process it is getting less and less likely that you will recover from it.

[BottomFisher]

Speaking of foreclosures....too funny:
Atlanta real estate agents trying to weather the slumping market by selling foreclosures have run into an unexpected problem with a city government tired of neighborhoods overrun with derelict properties.
City code inspectors have begun ticketing some listing agents, holding them liable for code violations on run-down properties they are selling, often for out-of-state institutions.

Maybe they could develop a radar detector so the agents could avoid the tickets.
Link:
http://www.ajc.com/search/content/metro/
atlanta/stories/2008/07/09/atlanta_real_estate_
agents_foreclosures.html

[Nelcisco]

Stockton 1 in every 72 households?

Correct me if I'm wrong, but didn't the data show last fall
that Stockton had 1 in every 33 households receiving a foreclosure notice?

If thats the case Stockton is actually improving.

[TakeFive]

Help fight street spam:

http://www.causs.org/

[Tanya]

Yes, California was hit hard by speculators driving up the cost of housing. However, there are many areas thriving. I went to look at homes this week, and their asking millions of dollars. It despise real-estate agents so I look on my own and try to negotiate directly. Maybe I can find an agent ready to work for me, their client, instead of their pocket book.

I've been reading the Georgia papers, because every time you turn around someone is trying to sell you their home, and it's terrible - the foreclosures and overdevelopment has caused nearly all the counties run on a deficit. They can't get a handle on the crime and the unemployment rate is extra high.

California home sweet home! I'm so waiting for the housing in the metro areas to come down.

[LeftLA]

TakeFive: Wonder how long it'll be 'till one of yer moron sign vigilantes gets shot for stealing someone's signs. I know investors whose legal signs (only up at certain times, per ordinances) have been stolen by idiots like this.

[MyLessThanPrimeBeef]

Here is the question. While the number of filings may be down 3% from May, what if more expensive homes are in trouble? The total dollar amount of those trouble loans could be higher, couldn't it?

[TakeFive]

LeftLA wrote:

"TakeFive: Wonder how long it'll be 'till one of yer moron sign vigilantes gets shot ... I know investors whose legal signs (only up at certain times, per ordinances) have been stolen by idiots like this."

Read the website. That point is clearly made. But the great majority of the signs I see see are of the bogus "save your home" variety and bait for new Herbalife suckers.

If tearing these down makes me a moron or an idiot for keeping my neighborhood clean, so be it.

As for these "investors" you know, tell them to spend the money and buy ads like a legitimate business instead of expecting the public to subsidize their blight.