ForeclosureRadar™ California Foreclosure Activity Discovery Bay, CA, April 5, 2007 -
ForeclosureRadar, a foreclosure listings and software company, today announced that 5,316 California foreclosures were sold at auction in March reaching nearly $2 Billion in total loan value. This represents a 27% increase from February and a 264% increase in the last 6 month. Of those sold in March 4,796 went back to the lender after receiving no bids, totaling $1.82 Billion, and underscoring the growing subprime lender collapse.While foreclosure sales are increasing throughout the state, there are significant regional differences. There has been considerable news coverage of San Diego foreclosures, yet San Diego County ranked 15th highest with 1 foreclosure for every 5,668 residents in March. Foreclosure sales in Los Angeles easily rank number one in volume each month, but adjusted for population Los Angeles County ranked 38th with 1 foreclosure for every 12,182 residents.
Per Capita Foreclosure Activity By County
|Rank||County||Population Per Foreclosure Sale|
|*8 counties excluded due to insufficient data (no sales occurred).|
"Foreclosures sold at auction now account for 15% of all home sales in California and continue to rise" said Sean O'Toole, CEO and Founder of ForeclosureRadar. "This isn't just a story about failing subprime lenders and their customers. At the current pace foreclosures will be a significant part of the real estate economy. A fact which bears close scrutiny even in areas that are not yet affected."ForeclosureRadar is the only service that tracks the actual auctions of property on a daily basis, and not the county records tracked by others, which can be weeks behind actuality. The data presented by ForeclosureRadar is based on individual sales results at daily foreclosure auctions throughout the state: not estimates or projections.An Opportunity for Real Estate Professionals and Investors ForeclosureRadar will be launching a revolutionary new foreclosure service for real estate professionals and investors in April 2007. In addition they will be providing their unique foreclosure data and analysis through select media outlets.