California Foreclosure Activity Increases in May
Statewide filings up 3 percent from April; rate remains at #4
Foreclosure activity in California rose 3 percent in May to 72,030 properties with foreclosure filings. This is the 41st consecutive month that the Golden State has led the nation in total foreclosure activity despite a nearly 22 percent decline from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate remained the nation’s fourth highest, as one in every 186 California housing units received a foreclosure filing during the month.
“Once again year-over-year foreclosure activity in California fell for the most recent month reported; however, on a monthly basis the activity level picked back up slightly in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “Any potential for a true recovery in California’s housing market — and a permanent reduction of foreclosure inventory — is not likely for some time to come seeing as the state’s unemployment rate continues to hover well above the national average.”
Florida remained secure in second place, reporting 50,685 properties with foreclosure filings, followed by third place Michigan, documenting 20,322 properties with foreclosure filings for the month. Arizona moved up to fourth highest, reporting 16,097 properties with foreclosure filings. Illinois dropped one spot to fifth highest state total, tallying 15,061 properties with foreclosure filings.
The remaining states in the nation’s top 10 for total foreclosure activity in May were Nevada (14,346), Georgia (13,778), Texas (11,137), Ohio (10,379) and New Jersey (7,993). In all, the top 10 accounted for 72 percent of all foreclosure filings in the nation for May.
Northern California continues to dominate foreclosure rate numbers in May
The top four county foreclosure rates in the state were reported in Northern California in May. Merced County posted the highest rate, with one in every 84 housing units receiving a foreclosure filing — 4.7 times the national average and 2.2 times the state average. Stanislaus County came in second, with one in every 99 housing units receiving a foreclosure filing — four times the national average and 1.9 times the state average. With one in every 101 housing units receiving a foreclosure filing — four times the national average and 1.8 times the state average — Solano County had the third highest foreclosure rate in the state. One in every 103 housing units received a foreclosure filing in San Joaquin County — 3.9 times the national average and 1.8 times the state average — the fourth highest rate for the month.
State the largest contributor to nation’s monthly foreclosure total in May
California accounted for 22 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.
