The number of Riverside County homes that fell into foreclosure last month jumped by double digits, pointing to "a bumpy ride down
to the bottom of this foreclosure cycle,'' a real estate tracking firm reported
A total of 4,406 mortgage default notices, auction sale notices and bank
repossessions were recorded countywide in May, translating to 1 in 182
households in some stage of foreclosure, according to Irvine-based RealtyTrac.
The county ranked No. 5 in foreclosures statewide.
The number of filings was 14 percent more than in April but roughly 6 percent below the level of a year ago, data showed.
Lake County had the highest foreclosure rate in the state, with 1 in 140
households in default; Tulare County was No. 2, with 1 in 174; San
Bernardino County was No. 3, with 1 in 176; and Solano County was just ahead of Riverside, with 1 in 180, according to RealtyTrac.
Nationally, 205,990 properties went into foreclosure in May, a 9 percent
increase compared to April, but 4 percent less than a year ago, according to
California ranked No. 4 in the nation in foreclosure volume last month
with 42,243 filings. The figure was 8 percent above the tally in April but 18
percent lower than a year ago, according to RealtyTrac. One in 324 households
were in default statewide.