County Foreclosures Drop Double-Digits
RIVERSIDE -Foreclosure activity in Riverside County dropped by double digits last month as fewer properties received filings from lenders, a real estate tracking firm reported today.
A total 6,991 mortgage default notices, auction sale notices and bank repossessions were recorded in Riverside County in January — a 14 percent drop from December and a 29 percent decrease from a year ago, according to Irvine-based RealtyTrac.
With 1 in 110 households in default last month, the county had the fifth-highest foreclosure rate in the state, down from the third-highest in December, figures showed.
Stanislaus County was No. 1, followed by San Joaquin County at No. 2 and San Bernardino County at No. 3, just ahead of Merced County, according to data.
RealtyTrac CEO James J. Saccacio said the dip in foreclosures was similar to what occurred last winter.
“If history repeats itself, we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans, where neither existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives work,” he said.
Nationally, California ranked No. 3 in foreclosure activity in January, recording 71,817 filings — 1 for every 187 households — down 11 percent from December and 6 percent from a year ago, according to RealtyTrac.
Nevada was No. 1, with 1 in 95 households in default, followed by Arizona with 1 in 129, data showed.
In Riverside County, notices of default, generally the first stage in the foreclosure process, sank by the widest margin of all categories, with 2,185 filings in January compared to 2,770 in December, according to figures.
