Fewer Recording Days Skews Numbers
Discovery Bay, CA, October 17, 2007 - ForeclosureRadar™, the only web site that tracks every California foreclosure with daily updates on foreclosure auctions, issued its monthly California Foreclosure Report today which showed increased foreclosure activity in September in spite of the story the numbers tell. A total of 8,818 properties - with a loan value of $3.6 Billion dollars - were sold at auction statewide in the month of September, compared to August which had a total of 9,477 that equated to $3.86 Billion dollars."Although it appears that foreclosure activity has slowed this month, digging deeper into the numbers tells another story," said founder of ForeclosureRadar, Sean O'Toole. "In the month of August there were 23 recording and auction days. In contrast, September had 19 recording days and only 18 auction days, so we actually saw across the board increases in average daily foreclosure activity." Adjusting for recording days statewide Notices of Default were up 5 percent in September on an average daily basis, and Notices of Trustee Sale were up 28 percent. Adjusting for auction days, Sales at auction were up 18 percent from August.California has had a very active foreclosure market and O'Toole predicts that new legislation being considered by the House could result in further increases. The Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) is a measure meant to help address the ongoing turmoil in the housing and lending markets. The popular bill passed 386 - 27 with overwhelming bipartisan support on October 9. Similar legislation is pending before the U.S. Senate. This bill would provide needed tax relief to families by permanently excluding debt forgiven under these circumstances from tax liability and would tighten requirements for excluding taxable gains on vacation and rental property. According to O'Toole this potentially delivers a double hit to the housing market by eliminating a barrier keeping mid-tier, debt strapped home owners from walking away from their homes which he expects will result in more foreclosures, while also reducing demand for second homes which has helped support prices to date.
California Foreclosure Statistics By County
RankChange In RankCountyNDFNTSSalesPopulationPer Sale% ChangeAug 2007% ChangeSept 200612MODOC COUNTY6514703133%600%2-1RIVERSIDE COUNTY2968187312681,540-2%593%31STANISLAUS COUNTY6783722761,864-8%852%45MERCED COUNTY3041641271,94321%958%5-3SAN JOAQUIN COUNTY10215743421,948-16%584%6-1SACRAMENTO COUNTY170610787101,952-11%323%7-1YUBA COUNTY7648322,182-16%256%80SAN BERNARDINO COUNTY218014068632,308-6%828%91CONTRA COSTA COUNTY10585754232,434-1%629%10-3SOLANO COUNTY5012571682,517-20%522%113SUTTER COUNTY8542342,69010%580%123KERN COUNTY7194312892,69910%681%130LAKE COUNTY2314232,7875%283%14-2PLACER COUNTY2681521053,014-15%400%1524TEHAMA COUNTY1911193,239138%850%16-5SAN BENITO COUNTY5629163,602-30%1500%1710IMPERIAL COUNTY10662443,78642%4300%18-2MADERA COUNTY11368364,011-16%1100%19-1SAN DIEGO COUNTY187111487214,254-17%296%2034LASSEN COUNTY12884,432700%ND212FRESNO COUNTY5653591984,5433%692%22-2MONTEREY COUNTY317142884,828-21%1000%238TUOLUMNE COUNTY2615124,85320%71%240VENTURA COUNTY4542781605,108-1%344%257ALAMEDA COUNTY7864092845,28611%457%26-1YOLO COUNTY12464355,438-3%250%27-6AMADOR COUNTY21975,448-30%250%28-9EL DORADO COUNTY9670315,684-35%182%291SANTA BARBARA COUNTY197107745,6980%393%30-1TULARE COUNTY204109676,278-11%570%31-9SHASTA COUNTY8755276,722-37%800%324SONOMA COUNTY254116687,058-3%353%334LOS ANGELES COUNTY4673269414427,105-3%571%34-1ORANGE COUNTY12137394167,385-20%486%355NAPA COUNTY6530177,9080%750%362BUTTE COUNTY9546268,354-16%420%37-2NEVADA COUNTY40301010,007-33%233%3810MENDOCINO COUNTY239910,04950%800%393SANTA CRUZ COUNTY103372610,090-7%2500%40-6SAN LUIS OBISPO COUNTY93512410,968-41%167%418KINGS COUNTY53261311,36444%160%421SANTA CLARA COUNTY58228515511,440-17%496%431SISKIYOU COUNTY132411,5370%300%441SAN MATEO COUNTY170766111,8713%259%451MARIN COUNTY60291615,834-11%1500%469MARIPOSA COUNTYNDND118,216NDND47-19COLUSA COUNTY174121,512-75%0%485GLENN COUNTY31128,6510%ND492SAN FRANCISCO COUNTY96532433,278-25%140%50-9CALAVERAS COUNTY415145,711-80%ND511HUMBOLDT COUNTY3711266,263-60%NDCALIFORNIA FORECLOSURE REPORT METHODOLOGYRankings are based on population per foreclosure sale. NDF indicates the number of Notices of Default that were filed at the county, and NTS indicates filed Notices of Trustee Sale. Sales indicates the number of properties sold at foreclosure auction. Percentage changes are based on Sales. The data presented by ForeclosureRadar is based on county records and individual sales results from daily foreclosure auctions throughout the state - not estimates or projections. Percentage changes are based on monthly sales not daily averages and therefore do not reflect the impact of the differences in number of auction and recording days between periods.
October 18, 2007