With one in every 156 housing units receiving a foreclosure filing
in October, California posted the nation's second highest state
foreclosure rate for the second month in a row, according to new data
released by RealtyTrac.
A total of 85,420 California properties received a foreclosure
filing during the month, a decrease of 1 percent from the previous
month but still nearly 50 percent above the total reported in October
2008.
The state's default notices and scheduled foreclosure auctions were
up 120 percent and 73 percent respectively from October 2008, when
California foreclosure activity was in the midst of a three-month
trough after a law (SB 1137) requiring lenders to give distressed
homeowners extra notification before initiating foreclosure took effect
in September 2008.
Seven of the top 10 metro foreclosure rates were in California, led
by Vallejo-Fairfield at No. 2 and Modesto at No. 3, both with one in
every 81 housing units receiving a foreclosure filing. Other California
cities in the top 10 were Riverside-San Bernardino-Ontario at No. 4
(one in 83), Bakersfield at No. 6 (one in 97), Merced at No. 7 (one in
100), Stockton at No 8 (one in 116), and
Sacramento-Arden-Arcade-Roseville at No. 10 (one in 130).
Nevada continued to document the nation's highest state foreclosure
rate -- one in every 80 housing units received a foreclosure filing in
October. Florida posted the third highest state foreclosure rate, with
one in every 168 housing units receiving a foreclosure filing in
October.
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