ForeclosureRadar™ Offers a more accurate view of the California Foreclosure Market
Discovery Bay, CA, August 15, 2007 - ForeclosureRadar™ today released its July, 2007 California Foreclosure Report, showing a total of 8,716 homes sold at auction in July with a loan value of $3.5 Billion dollars, a 24.6 percent increase over June. Of these, 95 percent, or $3.33 Billion in loans, were returned to the lender with no bid from a 3rd party.While the percentage of properties purchased by 3rd parties at auction has dropped dramatically over the last 2 years, the number of properties purchased by 3rd parties has been rising, with an 18 percent increase from June to July. In Contra Costa County, for example, 113 properties were purchased by investors and other 3rd parties at an average discount of 30% so far this year compared with 108 properties at an average discount of 28% for all of 2006. Clearly, this trend indicates there are ample and attractive opportunities for the savvy investor.ForeclosureRadar™ is the first statewide foreclosure listing and information service to track each and every foreclosure auction throughout California on a daily basis. National foreclosure listing services rely on documents recorded at the county for their statistics, delaying the reporting of actual foreclosure sales trends by weeks or even months. In addition to being more timely, ForeclosureRadar™'s foreclosure sales data is not subject to the problems with "unique property" reporting associated with county records data. While multiple documents are recorded on each property, which some believe overstates the foreclosure problem, multiple sales are rare.Notices of Default, the first stage of the foreclosure process, rose by 4.8 percent in July, and Notices of Trustee Sale, which set the auction date and time, rose by 14.8 percent, continuing their steady upward trajectory with no visible signs of a potential top at this time.An increasing number of loans sold at auction originated in 2006, up from 29 percent in January to 51 percent in July. Loans that originated in 2005 have decreased from 58 percent in January to 39 percent in July, though the total number of 2005 loans sold at auction has steadily risen each month. Of the remaining loans, 8 percent originated in 2004 and the other two percent includes loans from as far back as 1978.Riverside County dropped from the top spot in June to being ranked third in the state for highest per capita foreclosure activity, with Yuba County jumping to the top spot and San Joaquin County second. San Francisco County regained its position of having the lowest foreclosure rate in the state with Marin County moving up slightly.
California Foreclosure Statistics By County
RankChange In RankCountyNDFNTSSalesPopulationPer Sale11YUBA COUNTY6238481,45522SAN JOAQUIN COUNTY8163894461,4943-2RIVERSIDE COUNTY2728133712141,60943MERCED COUNTY257581491,6565-2SACRAMENTO COUNTY14907827681,8046-1STANISLAUS COUNTY5672902721,891728MODOC COUNTYND342,45980CONTRA COSTA COUNTY9504234062,53591SAN BERNARDINO COUNTY21269597772,56310-1LAKE COUNTY2027252,564110SOLANO COUNTY4581811642,578121PLACER COUNTY2441331212,6161312MADERA COUNTY12343532,72414-8SUTTER COUNTY6446322,858159SAN BENITO COUNTY180193,03316-1EL DORADO COUNTY12056513,45517-5KERN COUNTY6432672213,52918-4SAN DIEGO COUNTY16779487354,17319-3YOLO COUNTY7446444,32620-1MONTEREY COUNTY220134984,3352128SISKIYOU COUNTY69104,61522-5IMPERIAL COUNTY1721344,900237VENTURA COUNTY4071881615,077245SANTA BARBARA COUNTY18487805,27025-7FRESNO COUNTY5652181665,41926-5ALAMEDA COUNTY7524072745,479279BUTTE COUNTY4318375,871280SONOMA COUNTY21590796,07529-3AMADOR COUNTY24566,35630NALASSEN COUNTYNDND57,090316ORANGE COUNTY11445754307,14532-12SHASTA COUNTY8645257,259335TUOLUMNE COUNTY16887,279345NAPA COUNTY6220187,46935-1LOS ANGELES COUNTY4278209113487,60136-5SAN LUIS OBISPO COUNTY6738328,2263711CALAVERAS COUNTY20259,14238-11TULARE COUNTY18991469,144391SANTA CRUZ COUNTY6634289,37040-8NEVADA COUNTY62171010,00741-19PLUMAS COUNTY51210,722425SAN MATEO COUNTY165615812,485431SANTA CLARA COUNTY52517713912,75744-3TRINITY COUNTYND2114,024455DEL NORTE COUNTY73214,59846-4KINGS COUNTY5822916,41447-1HUMBOLDT COUNTY238718,93248-3TEHAMA COUNTYND0320,511493MARIN COUNTY38231221,11250-7MENDOCINO COUNTY1813422,611510SAN FRANCISCO COUNTY81413026,623
Rank 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. 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.