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California Realty Speculators walk away from $1.71 billion in mortgage loans statewide
Discovery Bay, CA, September 12, 2007 - ForeclosureRadar™ California's premier source for real-time distressed property investment data, issued its August 2007 CA foreclosure report showing that a total of 9,477 properties - with a total loan value of $3.86 Billion dollars - were sold at auction statewide, marking a 10.4 percent increase over July's total foreclosure sales. Speculator-owned properties (i.e. non-owner occupied properties) accounted for $1.71 Billion dollars of that total and represented 44.3 percent, or 4199 of the properties sold at foreclosure auctions."
Many blame subprime lending for our current real estate crisis, but rampant speculation, even by those with great credit, played a leading role," observed Sean O'Toole, Founder and CEO of ForeclosureRadar.com. "The subprime market took the first hit as those borrowers had the least to lose when they walked away. Now that nearly half of foreclosures represent non-owner occupied properties, it is clear that speculators are walking away too."Other highlights from ForeclosureRadar's August Foreclosure Report include the fact that fully 90.3 percent of all foreclosure sales in California were for homes purchased or refinanced in 2005 and 2006. Of properties sold at auction, 95 percent went back to lenders - for a total of 9,015 properties with a loan value of $3.7 Billion dollars. Notices of Default, the first stage of the foreclosure process, rose by 16.3 percent in August to 26,563, and Notices of Trustee Sale, which set the auction date and time, fell by 2.2 percent to 12,896.
During August, Riverside County posted the state's highest per capita foreclosure activity. The Inland Empire's other county, San Bernardino, moved up just one spot to number 8, despite an 18.1% increase in foreclosure sales.
California Foreclosure Statistics By County
RankChange In RankCountyNDFNTSSalesPopulationPer Sale12
RIVERSIDE COUNTY 3420170412901,51420
SAN JOAQUIN COUNTY 9834774081,63334
MODOC COUNTY7561,63942
STANISLAUS COUNTY 7833662991,72050
SACRAMENTO COUNTY 193410387971,7396-5
YUBA COUNTY 10150381,83874
SOLANO COUNTY 5342482102,01481
SAN BERNARDINO COUNTY 267212839182,1709-5
MERCED COUNTY 291961052,35010-2
CONTRA COSTA COUNTY 11866054272,411114
SAN BENITO COUNTY 3410232,506120
PLACER COUNTY2721571242,55213-3
LAKE COUNTY 4916222,914140
SUTTER COUNTY 8541312,950152
KERN COUNTY 8234102622,97716-3
MADERA COUNTY 9449433,3581727
TRINITY COUNTY 3143,506180
SAN DIEGO COUNTY 214711078683,53319-3
EL DORADO COUNTY 11370483,671200
MONTEREY COUNTY 2641271123,793218
AMADOR COUNTY 2811103,8132210
SHASTA COUNTY 10646434,221232
FRESNO COUNTY 6402761924,68524-1
VENTURA COUNTY 4562191625,04525-6
YOLO COUNTY 11054365,2872615
PLUMAS COUNTY 1245,36127-5
IMPERIAL COUNTY 6628315,3742825
COLUSA COUNTY 45,378299
TULARE COUNTY 230110755,60830-6
SANTA BARBARA COUNTY 204103745,698312
TUOLUMNE COUNTY 318105,82332-6
ALAMEDA COUNTY 9264092565,86433-2
ORANGE COUNTY 14096815205,908342
SAN LUIS OBISPO COUNTY 7944416,421355
NEVADA COUNTY 6023156,67136-8
SONOMA COUNTY 27891706,85637-2
LOS ANGELES COUNTY 5197249214856,89938-11
BUTTE COUNTY 7224317,007399
TEHAMA COUNTY 301187,69240-6
NAPA COUNTY 6338177,90841-4
CALAVERAS COUNTY 59,14242-3
SANTA CRUZ COUNTY 10534289,370430
SANTA CLARA COUNTY 5972461869,53444-23
SISKIYOU COUNTY 1810411,53745-3
SAN MATEO COUNTY 158825912,273463
MARIN COUNTY 56281814,07547-2
DEL NORTE COUNTY 71214,598482
MENDOCINO COUNTY 2815615,07449-3
KINGS COUNTY 4527916,414505
INYO COUNTY 118,515510
SAN FRANCISCO COUNTY 95643224,95952-5
HUMBOLDT COUNTY 254526,50553ND
GLENN COUNTY 128,65154ND
LASSEN COUNTY 135,452
CALIFORNIA FORECLOSURE REPORT METHODOLOGY
The Report's Rankings were 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.
