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

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September 13, 2007
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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 Sale12RIVERSIDE COUNTY3420170412901,51420SAN JOAQUIN COUNTY9834774081,63334MODOC COUNTY7561,63942STANISLAUS COUNTY7833662991,72050SACRAMENTO COUNTY193410387971,7396-5YUBA COUNTY10150381,83874SOLANO COUNTY5342482102,01481SAN BERNARDINO COUNTY267212839182,1709-5MERCED COUNTY291961052,35010-2CONTRA COSTA COUNTY11866054272,411114SAN BENITO COUNTY3410232,506120PLACER COUNTY2721571242,55213-3LAKE COUNTY4916222,914140SUTTER COUNTY8541312,950152KERN COUNTY8234102622,97716-3MADERA COUNTY9449433,3581727TRINITY COUNTY3143,506180SAN DIEGO COUNTY214711078683,53319-3EL DORADO COUNTY11370483,671200MONTEREY COUNTY2641271123,793218AMADOR COUNTY2811103,8132210SHASTA COUNTY10646434,221232FRESNO COUNTY6402761924,68524-1VENTURA COUNTY4562191625,04525-6YOLO COUNTY11054365,2872615PLUMAS COUNTY1245,36127-5IMPERIAL COUNTY6628315,3742825COLUSA COUNTY45,378299TULARE COUNTY230110755,60830-6SANTA BARBARA COUNTY204103745,698312TUOLUMNE COUNTY318105,82332-6ALAMEDA COUNTY9264092565,86433-2ORANGE COUNTY14096815205,908342SAN LUIS OBISPO COUNTY7944416,421355NEVADA COUNTY6023156,67136-8SONOMA COUNTY27891706,85637-2LOS ANGELES COUNTY5197249214856,89938-11BUTTE COUNTY7224317,007399TEHAMA COUNTY301187,69240-6NAPA COUNTY6338177,90841-4CALAVERAS COUNTY59,14242-3SANTA CRUZ COUNTY10534289,370430SANTA CLARA COUNTY5972461869,53444-23SISKIYOU COUNTY1810411,53745-3SAN MATEO COUNTY158825912,273463MARIN COUNTY56281814,07547-2DEL NORTE COUNTY71214,598482MENDOCINO COUNTY2815615,07449-3KINGS COUNTY4527916,414505INYO COUNTY118,515510SAN FRANCISCO COUNTY95643224,95952-5HUMBOLDT COUNTY254526,50553NDGLENN COUNTY128,65154NDLASSEN COUNTY135,452CALIFORNIA FORECLOSURE REPORT METHODOLOGYThe 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.

Written by:
Written on:
September 13, 2007
Category:
Not Categorized