(Source: By Debra Gruszecki, The Press-Enterprise, Riverside, Calif. (MCT) – Foreclosures in the first half of the year eased up by 2 percent from the previous six months, and overall activity for property in distress in June was down on a year-over-year basis for the 21st consecutive month across the U.S.
Yet, California foreclosure starts for June rose 18 percent from a year ago to boost the Golden State to the top berth in the U.S., according to a report released today, July 12, by RealtyTrac.
It was the first time California’s foreclosure rate ranked No. 1 since January 2005 when RealtyTrac, the online marketer of foreclosure properties, began issuing its report.
One housing unit in every 177 in San Bernardino and Riverside counties was in a phase of foreclosure in June, RealtyTrac reported. That has kept the two-county Inland area in the No. 3 spot for foreclosure activity across all metropolitan areas.
The top two regions were Stockton and Modesto.
In the Inland area, RealtyTrac reported a total of 8,477 foreclosure filings in June, up 1 percent from May but down 20 percent from the year before. There were 1,713 notices of mortgage default mailed in June in San Bernardino County, and 2,443 in June across Riverside County. In the two Inland counties, a total of 1,539 properties were taken over by banks or other lenders.
Brandon Moore, chief executive of RealtyTrac, an online marketer of foreclosure properties, said in a statement that additional scrutiny on how lenders and service providers process foreclosures, plus aggressive foreclosure prevention efforts by federal and state governments, have kept a lid on the foreclosure problem.
At the same time, Moore said, foreclosure starts began boiling over in more markets in the first half of the year, particularly in the second quarter. Those increases will likely translate into more short sales and bank repossessions through 2012 and 2013, he said.
For the first half of 2012, California registered the nation’s fourth highest rate in America, with 213,988 housing units — 1.5 percent — in some state of foreclosure.
©2012 The Press-Enterprise (Riverside, Calif.)
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