Real Estate
Foreclosure Activity Down By Nearly 50% Over Last Year In Riverside County
Today's foreclosure news follows a report earlier this week that showed home sales and prices are on the rise.
Although Riverside County had the second-highest foreclosure rate in the state last month, the numbers are tracking downward, a real estate tracking firm reported today.
A total 3,226 mortgage default notices, auction sale notices and bank repossessions were recorded countywide in November, translating to 1 in 248 households in some stage of foreclosure, according to Irvine-based RealtyTrac.
The number of filings was 18 percent less than the previous month and 46 percent below the year-ago level, figures showed.
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Lassen County was No. 1, with 1 in 244 households in default; San Bernardino County was just behind Riverside, with 1 in 249; San Joaquin County ranked No. 4, with 1 in 265; and Yuba County was No. 5, with 1 in 266.
Nationally, 180,817 properties slipped into foreclosure in November, according to RealtyTrac. The activity represented a 3 percent drop from October and a 19 percent decline from November 2011.
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"The drop in overall foreclosure activity ... was caused largely by a 71-month low in foreclosure starts for the month -- more evidence that we are past the worst of the foreclosure problem brought about by the housing bubble bursting," said RealtyTrac Vice President Daren Blomquist.
"We’re likely not completely out of the woods when it comes to foreclosure starts ... as lenders are still adjusting to new foreclosure ground rules set forth in the National Mortgage Settlement, along with various state laws and court rulings."
California ranked No. 4 in U.S. foreclosure activity in November, with 31,794 properties going into default, or 1 in 430, according to RealtyTrac. The figure was 12 percent below the number of filings in October -- and 50 percent less than a year ago.
Florida had the highest foreclosure rate nationwide, with 1 in 304 households in default; Nevada was No. 2, with 1 in 390; Illinois was just ahead of California, with 1 in 392; and South Carolina was No. 5, with 1 in 455.
Today's foreclosure news follows a report earlier this week that showed home sales and prices are on the rise. Click here for the full story.
