Community Corner
Home Foreclosure Rates Jump In Riverside County
After months of declining numbers, May saw foreclosure rates rise by double digit percentages.
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
today.
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.
Find out what's happening in Palm Desertwith free, real-time updates from Patch.
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.
Find out what's happening in Palm Desertwith free, real-time updates from Patch.
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
figures.
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.
