Riverside County Foreclosures Increased In January

The number of Riverside County properties slipping into foreclosure increased last month, a real estate tracking firm reported today.

A total 6,819 mortgage default notices, auction sale notices and bank repossessions were recorded countywide in January, roughly 3 percent more than in December, according to Irvine-based RealtyTrac.

Data showed that 1 in 114 households entered some stage of foreclosure. Filings were down about 2.5 percent compared to a year ago.

Stanislaus County ranked No. 1 in foreclosure filings; San Joaquin County was just behind Riverside at No. 3; Calaveras County was No. 4; and Madera County was No. 5, according to RealtyTrac.

California ranked third nationally in foreclosure activity during the first month of the year, with 67,072 filings. The number of defaults increased around 2 percent from December and dropped about 7 percent from a year ago, figures indicated.

Nationwide, there were 261,333 filings, a 1 percent increase compared to the prior month and a 17 percent decline from January 2010, according to RealtyTrac CEO James J. Saccacio.

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings,” he said. “Unfortunately, this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

Nevada had the highest foreclosure rate, followed by Arizona, with Idaho just behind California at No. 4, and Utah at No. 5.