California Foreclosures Down
August 9, 2001
La Jolla, CA.--The number of California homes going into
foreclosure declined during the second quarter to the lowest
level in nine years, the result of a strong residential real
estate market and rising home values.
Lending institutions started foreclosure proceedings on
19,514 homeowners during the April-to-June period. That was down
11.1 percent from 21,938 for the prior quarter, and down 9.0
percent from 21,440 for second-quarter 2000 (see chart),
according to DataQuick Information Systems.
The numbers have been in decline on a year-over-year basis
since early 1997. Last quarter's number was the lowest since
first-quarter 1992 when 18,806 default notices were recorded. The
all-time high occurred during first-quarter 1996 when 44,665
defaults were recorded. A Notice of Default is the first step of
the formal foreclosure process.
"Because homes are going up in value, most homeowners who
find themselves in financial distress can sell, pay off the
mortgage, and even walk away with some money. Still, it may be
that we're getting close to a base level of activity here," said
Mike Ela, DataQuick's president.
The median price paid for a California home was $223,000
during the second quarter, up 9.3 percent from $204,000 for the
same period a year ago.
DataQuick, a business unit of Vancouver-based MacDonald
Dettwiler and Associates, monitors real estate activity nationwide
and provides information to consumers, educational institutions,
public agencies, lending institutions, title companies and industry
analysts.
The decline in foreclosure activity was most apparent in
regions that saw late price appreciation such as the Central Valley
and the Inland Empire.
A total of 5,313 Trustees Deeds were recorded on homes last
quarter. A Trustees Deed is the final step of the foreclosure
process, meaning that the lending institutions took those
properties back. Last quarter's number was down 32.7 percent from
7,889 a year ago and the lowest since 4,725 were recorded during
fourth-quarter 1991, DataQuick reported.
Notices of Default
recorded on houses and condos
|
County |
2Q2000 |
1Q2001 |
2Q2001 |
2Qs %Chg |
|
Los Angeles |
5,970 |
6,509 |
5,920 |
-0.8% |
|
Orange County |
998 |
966 |
885 |
-11.3% |
|
San Diego |
1,048 |
961 |
851 |
-18.8% |
|
Riverside |
1,723 |
1,813 |
1,408 |
-18.3% |
|
San Bernardino |
2,586 |
2,564 |
2,049 |
-20.8% |
|
Ventura |
309 |
381 |
329 |
6.5% |
|
So. Calif. Total |
12,634 |
13,193 |
11,442 |
-9.4% |
|
|
San Francisco |
132 |
128 |
105 |
-20.0% |
|
Alameda |
604 |
689 |
598 |
-1.1% |
|
Contra Costa |
642 |
623 |
634 |
-1.3% |
|
Santa Clara |
564 |
454 |
513 |
-9.0% |
|
San Mateo |
188 |
172 |
164 |
-12.4% |
|
Marin |
55 |
55 |
62 |
14.3% |
|
Solano |
305 |
262 |
287 |
-5.9% |
|
Sonoma |
146 |
124 |
131 |
-10.6% |
|
Napa |
29 |
53 |
33 |
15.4% |
|
Bay Area Total |
2,664 |
2,558 |
2,527 |
-5.1% |
|
Santa Cruz |
45 |
68 |
68 |
52.0% |
|
Santa Barbara |
141 |
163 |
174 |
23.2% |
|
San Luis Obispo |
117 |
76 |
95 |
-18.4% |
|
Monterey |
118 |
103 |
124 |
4.7% |
|
Coast Total |
421 |
411 |
461 |
9.5% |
|
Sacramento |
1,351 |
1,396 |
1,120 |
-17.1% |
|
San Joaquin |
687 |
637 |
516 |
-24.9% |
|
Placer |
202 |
176 |
181 |
-10.5% |
|
Kern |
755 |
904 |
734 |
-2.8% |
|
Fresno |
984 |
1,055 |
1,020 |
3.6% |
|
Madera |
192 |
168 |
210 |
9.7% |
|
Merced |
211 |
185 |
126 |
-40.4% |
|
Tulare |
641 |
635 |
658 |
2.5% |
|
Yolo |
83 |
105 |
102 |
23.3% |
|
El Dorado |
100 |
85 |
52 |
-47.8% |
|
Stanislaus |
515 |
431 |
366 |
-29.0% |
|
Inland Total |
5,722 |
5,776 |
5,084 |
-11.1% |
|
All California |
21,440 |
21,938 |
19,514 |
-9.0% |
Source: DataQuick Information Systems
Media Inquiries: John Karevoll (909)867-9534