The Valley News
Arrow Site Map

Fewer Riverside County households fell into foreclosure last month

Bookmark
Print
Translate this page

Bookmark and Share

Thursday, December 10th, 2009.
Issue 50, Volume 13.

RIVERSIDE - Fewer Riverside County households fell into foreclosure last month, but the number was still higher than a year ago, a real estate tracking firm reported today.

A total 7,470 mortgage default notices, auction sale notices and bank repossessions were recorded in Riverside County in November -- a 22 percent drop from October, but a 9 percent increase compared to a year ago, according

to Irvine-based RealtyTrac.

The month-to-month decline moved the county from No. 1 to No. 4 in statewide foreclosure activity. According to data, 1 in 101 county households were in some stage of foreclosure in November.

Merced County had the highest foreclosure volume, followed by San Joaquin County and Stanislaus County. San Bernardino County was just behind Riverside in foreclosure activity, according to RealtyTrac.

The drop in defaults locally mirrored a statewide trend. Figures showed foreclosure filings in California fell 13 percent Advertisement
North County Cosmetic
North County Cosmetic
last month, though activity was still up 22 percent compared to November 2008.

"Loan modifications and other foreclosure prevention efforts, along with the recently extended and expanded homebuyer tax credit, are keeping a lid on the most visible symptoms of the nation's ailing housing market --

foreclosures and home value depreciation,'' said Realty Trac CEO James J. Saccacio.

"This is providing a welcome respite for the real estate industry, but a full recovery will only come when unemployment recedes to normal, healthy levels and when availability of credit reaches a more rational balance between the extremes of the past two years.''

With 73,995 households in default last month, California ranked third in nationwide foreclosure activity, dropping from second place in October, according to RealtyTrac.

Nevada had the highest rate, followed by Florida. Data indicated Arizona was just behind California, and Idaho rounded out the top five.

 

0 comments


arrow Be the first to share your opinion on this article!
 

Add your Comment


Name

Images, Formatting, or HTML is not allowed : plain text only. You may post up to 5 website addresses within your comment.
Disclaimer

The Valley News has tightened its' policy regarding comments.
While we invite you to contribute your opinions and thoughts, we request that you refrain from using vulgar or obscene words and post only comments that directly pertain to the specific topic of the story or article.
Comments that are derogatory in nature have a high likelihood for editing or non-approval if they carry the possibility of being libelous.
The comment system is not intended as a forum for individuals or groups to air personal grievances against other individuals or groups.
Please, no advertising or trolling.
In posting a comment for consideration, users understand that their posts may be edited as necessary to meet system parameters, or the post may not be approved at all. By submitting a comment, you agree to all the rules and guidelines described here.
Most comments are approved or disregarded within one business day.



RSS Feed
Online Digital Edition
Sign up  for iNews
Earthquake Information

Adrail Advertisement

Adrail Advertisement





Most Commented
The Valley News The Valley News
760-723-7319 - 127 West Elder Street, Fallbrook CA 92028
All contents copyright ©2010
About Us
Earthquake Information
Business Listings
Contact Us
Letter to the Editor
Report a website error
Sitemap
Online Digital Edition
RSS Feeds
Login