California: America’s foreclosure capital

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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