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Community Corner

Home Foreclosure Filings Decline in RivCo

Riverside County foreclosure rates are down from last year, but still one of the highest in California.

Riverside County had the fifth-highest foreclosure rate in the state during the first quarter of 2012, even as the number of filings dropped significantly, a real estate tracking firm reported today.

A total 12,890 mortgage default notices, auction sale notices and bank
repossessions were recorded countywide between January and March, translating into 1 in 62 households in some stage of foreclosure, according to Irvine-based RealtyTrac.

The number of filings was 10 percent lower than in the fourth quarter of
2011 and nearly 23 percent below the level of a year ago, data showed.
Yuba County was No. 1, with 1 in 55 households in default; San Joaquin
County, No. 2 , with 1 in 60; Stanislaus County, No. 3, with 1 in 61; and Lake
County was just ahead of Riverside, with 1 in 62, according to RealtyTrac.

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Nationally, 572,928 properties went into foreclosure during the first quarter of the year, a 2 percent decline from the prior quarter and 16 percent less than a year ago, according to figures.

California ranked No. 2 in the nation in foreclosure volume between
January and March, with 133,245 filings. The figure was 13 percent below the
tally in the fourth quarter of 2011 and 21 percent under the volume of a year
ago, according to RealtyTrac. One in 103 households were in default statewide.

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Nevada had the nation's highest foreclosure rate, with 1 in 95
households in default; Arizona was just behind California, with 1 in 106;
Georgia was No. 4, with 1 in 119; and Florida was No. 5, with 1 in 123.

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