The two-county Inland region once again led Southern California in the rate of foreclosure-related filings, including notices of defaults, trustee sales and lender repossessions. In Riverside County, 7.9 percent of homes faced foreclosure and in San Bernardino 6 percent of homes entered the foreclosure process. Riverside County’s foreclosure-related filings last month totaled 7,960, an increase of 30 percent from February and 127 percent from March 2007. San Bernardino County had 6,182 filings, up 25 percent from February and 118 percent from a year earlier.
Foreclosure activity is expected to peak later this year based on subprime mortgage resets, said Leslie Appleton-Young, chief economist for the California Association of Realtors.
RealtyTrac reported that foreclosure filings on 64,711 homes were recorded in California in March, the most for any state for the 15th consecutive month. California’s foreclosure activity last month increased nearly 21 percent from February and almost 106 percent from a year earlier.
Los Angeles Foreclosures –
Hardest hit cities Los Angeles (2060), Lancaster (869), Palmdale (852), Long Beach (499) and Santa Clarita (264)
Orange County Foreclosures –
Hardest hit cities Santa Ana (629), Anaheim (413), Garden Grove (211), Orange (150), Fullerton (136)
Riverside Foreclosures –
Hardest hit cities Riverside (1028), Moreno Valley (945), Corona (742), Murrieta (494), and Perris (478)
San Diego Foreclosures –
Hardest hit cities San Diego (1620), Chula Vista (582), Escondido (373), Oceanside (370) and El Cajon (260)
San Bernardino Foreclosures –
Hardest hit cities Fontana (770), San Bernardino (668), Victorville (609), Hesperia (384), and Rialto (341)
With all the bad news about Foreclosure the Senate with an overwhelming decision in favor of the 84-12 voted to pass the “Foreclosure Prevention Act” Part of this package would give the buyers of foreclosure homes a $7,000 credit to help provide relief to struggling banks who have huge inventories of foreclosed properties.
If you are thinking about buying a home that is a bank repo, start shopping on the web with mortgage company web sites like countrywide has.
Total REO (As of April 17, 2008)
State Count Total Asking Price($) Average Asking Price($)
CA 4,293 1,218,980,585 283,946
Daniel Doane can be reached at [email protected]