ForeclosureRadar’s August California Foreclosure Report Shows Double-digit increase in Foreclosure Auction Sales Statewide: Up 10.4% Over July

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

Rank Change In Rank County NDF NTS Sales Population
Per Sale
1 2 RIVERSIDE COUNTY 3420 1704 1290 1,514
2 0 SAN JOAQUIN COUNTY 983 477 408 1,633
3 4 MODOC COUNTY 7 5 6 1,639
4 2 STANISLAUS COUNTY 783 366 299 1,720
5 0 SACRAMENTO COUNTY 1934 1038 797 1,739
6 -5 YUBA COUNTY 101 50 38 1,838
7 4 SOLANO COUNTY 534 248 210 2,014
8 1 SAN BERNARDINO COUNTY 2672 1283 918 2,170
9 -5 MERCED COUNTY 291 96 105 2,350
10 -2 CONTRA COSTA COUNTY 1186 605 427 2,411
11 4 SAN BENITO COUNTY 34 10 23 2,506
12 0 PLACER COUNTY 272 157 124 2,552
13 -3 LAKE COUNTY 49 16 22 2,914
14 0 SUTTER COUNTY 85 41 31 2,950
15 2 KERN COUNTY 823 410 262 2,977
16 -3 MADERA COUNTY 94 49 43 3,358
17 27 TRINITY COUNTY 3 1 4 3,506
18 0 SAN DIEGO COUNTY 2147 1107 868 3,533
19 -3 EL DORADO COUNTY 113 70 48 3,671
20 0 MONTEREY COUNTY 264 127 112 3,793
21 8 AMADOR COUNTY 28 11 10 3,813
22 10 SHASTA COUNTY 106 46 43 4,221
23 2 FRESNO COUNTY 640 276 192 4,685
24 -1 VENTURA COUNTY 456 219 162 5,045
25 -6 YOLO COUNTY 110 54 36 5,287
26 15 PLUMAS COUNTY 1 2 4 5,361
27 -5 IMPERIAL COUNTY 66 28 31 5,374
28 25 COLUSA COUNTY 4 5,378
29 9 TULARE COUNTY 230 110 75 5,608
30 -6 SANTA BARBARA COUNTY 204 103 74 5,698
31 2 TUOLUMNE COUNTY 31 8 10 5,823
32 -6 ALAMEDA COUNTY 926 409 256 5,864
33 -2 ORANGE COUNTY 1409 681 520 5,908
34 2 SAN LUIS OBISPO COUNTY 79 44 41 6,421
35 5 NEVADA COUNTY 60 23 15 6,671
36 -8 SONOMA COUNTY 278 91 70 6,856
37 -2 LOS ANGELES COUNTY 5197 2492 1485 6,899
38 -11 BUTTE COUNTY 72 24 31 7,007
39 9 TEHAMA COUNTY 30 11 8 7,692
40 -6 NAPA COUNTY 63 38 17 7,908
41 -4 CALAVERAS COUNTY 5 9,142
42 -3 SANTA CRUZ COUNTY 105 34 28 9,370
43 0 SANTA CLARA COUNTY 597 246 186 9,534
44 -23 SISKIYOU COUNTY 18 10 4 11,537
45 -3 SAN MATEO COUNTY 158 82 59 12,273
46 3 MARIN COUNTY 56 28 18 14,075
47 -2 DEL NORTE COUNTY 7 1 2 14,598
48 2 MENDOCINO COUNTY 28 15 6 15,074
49 -3 KINGS COUNTY 45 27 9 16,414
50 5 INYO COUNTY 1 18,515
51 0 SAN FRANCISCO COUNTY 95 64 32 24,959
52 -5 HUMBOLDT COUNTY 25 4 5 26,505
53 ND GLENN COUNTY 1 28,651
54 ND LASSEN COUNTY 1 35,452

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.

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