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California foreclosure activity creeps up in July

August 14, 2012|By Alejandro Lazo
  • Mold covers the walls of a foreclosed home as seen during a bus tour of foreclosed and blighted properties in Richmond, Calif.
Mold covers the walls of a foreclosed home as seen during a bus tour of foreclosed… (Photo by Justin Sullivan/Getty…)

The number of California homes entering foreclosure creeped up in July, a new report shows, but in Southern California they were up sharply in the Inland Empire counties of San Bernardino and Riverside.

ForeclosureRadar.com showed that the number of default notices statewide was essentially flat from June, up 1.4% month-over-month, but rose 12.3% from July 2011.

It’s key to watch the number of notices of default, as any new deluge of foreclosed homes will be picked up by an increase in the number of those filings. With that said, a change in the number of foreclosure filings month-to-month by degrees of about 10% are common.

Statewide the number of homes that went back to banks was up 10.4% from the prior month and down 54.2% from the same month a year earlier. Meanwhile, the number of properties sold to a third party was up 10.6% from the prior month and down 6.6% from the same month a year earlier.

The number of foreclosed homes selling on the California market has also been dwindling, which you can read more about here.

The number of default notices ramped up in San Bernardino County last month. Notices of default were up 13.5% from the prior month and 31.2% from July 2011 in San Bernardino County.

In neighborhing Riverside County, default notices were flat from the prior month, up 0.7%, but increased 21.7% from the same month a year earlier.

In Los Angeles County, the number of default notices increased 3.0% from the prior month and up 18.1% from July 2011.

In Orange County, default notices were up 5.5% from the prior month and up 10.5% from July 2011.

In San Diego County, default notices were up 6.1% from the prior month and 21.3% from the same month a year earlier.

In Ventura County, default notices were up 21.8% from the prior month and 21.5% from the same month a year earlier.

ALSO:

Southern California housing market shows price gains

Prices of Southern California starter homes up from a year ago

Regulator warns against use of eminent domain to refinance homes

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