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California Foreclosures Worst in U.S.

649,917 Q1 U.S. foreclosure filings

April 29, 2008

By MortgageDaily.com staff

California had more quarterly foreclosure filings than any state, while four metropolitan areas in the Golden State were among the five worst in the nation based on foreclosure rates.

During the first quarter, 649,917 foreclosures were filed across the country, RealtyTrac reported in its Q1 2008 U.S. Foreclosure Market Report today. Filings, which include default notices, auction sale notices and bank repossessions, were 23 percent higher than the fourth quarter and 112 percent higher than the prior year.

The level of filings worked out to one filing for every 194 U.S. households, the report said.

Rival foreclosure-tracking service ForeclosureS.com reported earlier this month that there were 210,280 filings during the first quarter, while the U.S. foreclosure rate was one filing for every 588 households.

California had 169,831 first-quarter foreclosures, more than any other state, RealtyTrac said. Florida was next, with 87,893 filings, then Texas, at 33,694. Ohio followed, with 31,252 filings, and Michigan was No. 5, at 29,544.

At one foreclosure for every 54 households, Nevada had the highest foreclosure rate of any state, the data indicated. No. 2 was California, at one filing for ever 78 households, and Arizona was No. 3, with one foreclosure for every 95 households. Florida followed, at a filing for each 97 households, then Colorado, with one filing for every 110 households.

The Riverside-San Bernardino, Calif., metropolitan area saw 37,239 first-quarter foreclosures -- more than any other area in America, RealtyTrac reported. Los Angeles-Long Beach was next, with 32,177 filings, then Phoenix-Mesa, at 23,135. No. 4 was Atlanta-Sandy Springs-Marietta, which had 22,554 foreclosures, and No. 5 was Chicago, at 17,602 filings.

Stockton, Calif., had the highest foreclosure rate of any metropolitan are, at one filing for every 30 households, followed by Riverside-San Bernardino, with one filing for each 38 households, the press release said. Las Vegas-Paradise was No. 3, at one filing for every 44 households, and No. 4 was Bakersfield, Calif., which had a rate of one foreclosure for every 51 households. Sacramento, the capitol of California, was No. 5, with one filing for every 55 households.

RealtyTrac noted Philadelphia foreclosures fell as a result of the city's decision to invoke a temporary moratorium on all foreclosure auctions for April and subsequently delay foreclosure proceedings on owner-occupied properties until borrowers have met face-to-face with lenders.

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