Foreclosures Up, But Down Double-Digits From Last Year
KESQ.com News Services
RIVERSIDE -Foreclosure activity picked up in Riverside County last month but was down by double digits compared to a year ago, a real estate tracking firm reported today.
A total of 8,172 mortgage default notices, auction sale notices and bank repossessions were recorded in Riverside County in December — a 9 percent jump from November, but a 21 percent drop compared to December 2008, according to Irvine-based RealtyTrac.
Data showed there were 69,855 foreclosure filings countywide in 2009, compared to 61,838 in 2008.
With 1 in 11 households going into default at some point last year, Riverside County ranked No. 2 in statewide foreclosure activity, just behind Merced County, where 1 in 10 households fell behind, according to RealtyTrac.
Nationally, more than 2.8 million households — about 2 percent of the U.S. total — went into some stage of foreclosure in 2009 — 21 percent more than the year before, according to RealtyTrac.
“As bad as the 2009 numbers are, they probably would have been worse if not for legislative and industry-related delays in processing delinquent loans,” said James J. Saccacio, RealtyTrac’s chief executive officer.
“In the long-term,” he added, “a massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond as lenders gradually work their way through the backlog.”
California led the nation in foreclosure activity last year, with 632,573 households receiving a notice — 21 percent higher than 2008 and 154 higher than 2007, according to RealtyTrac.
With 1 in 21 households in default last year, California ranked fourth in nationwide foreclosure activity. Nevada was No. 1, with 1 in 10 households in default, followed by Arizona, with 1 in 16, and Florida, with 1 in 17.
Utah was just behind California, with 1 in 34 households in some stage of foreclosure last year, according to RealtyTrac.
