California Foreclosures Down
October 31, 2001
La Jolla, CA.--The number of California homes going into
foreclosure continued to decline during the third quarter,
although indications are that the five-year decline may be
leveling off, a real estate information service reported.
Lending institutions started foreclosure proceedings on
18,673 homeowners during the July-to-September period. That was
down 4.3 percent from 19,514 for the prior quarter, and down 11.1
percent from 21,006 for third-quarter 2000 (see chart), according
to DataQuick Information Systems.
Last quarter's number was the lowest since DataQuick started
monitoring default notices in 1992. 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.
The third-quarter numbers were running about the same as the
second-quarter numbers until September 11 when they dropped
significantly for the next two weeks.
"A lot of processes were put on hold while the country came
to grips with what happened. As things returned to business as
usual, financial institutions began processing their paperwork at
pretty much the same pace as before. What will probably happen is
that some third-quarter foreclosure activity got nudged into
fourth quarter," said Mike Ela, DataQuick's president.
Foreclosures seldom occur when a home's value is greater than
the amount owed on it and the decline in foreclosure activity has
closely paralleled California's rise in home values. The median
price paid for a California home was $235,000 during the third
quarter, up 10.8 percent from $212,000 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.
A total of 5,104 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 27.3 percent from
7,020 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 |
3Q2000 |
2Q2001 |
3Q2001 |
3Qs %Chg |
| Los Angeles |
5,984 |
5,920 |
5,693 |
-4.9% |
|
Orange County |
953 |
885 |
830 |
-12.9% |
|
San Diego |
946 |
851 |
755 |
-20.1% |
|
Riverside |
1,570 |
1,408 |
1,544 |
-1.7% |
|
San Bernardino |
2,388 |
2,049 |
1,896 |
-20.6% |
|
Ventura |
314 |
329 |
325 |
3.4% |
|
So. Calif. Total |
12,154 |
11,442 |
11,043 |
-9.1% |
|
San Francisco |
128 |
105 |
126 |
-1.6% |
|
Alameda |
707 |
598 |
618 |
-12.6% |
|
Contra Costa |
657 |
634 |
587 |
-10.6% |
|
Santa Clara |
467 |
513 |
454 |
-2.9% |
|
San Mateo |
182 |
164 |
174 |
-4.3% |
|
Marin |
66 |
62 |
86 |
29.4% |
|
Solano |
283 |
287 |
299 |
5.7% |
|
Sonoma |
153 |
131 |
136 |
-11.2% |
|
Napa |
66 |
33 |
38 |
-43.3% |
|
Bay Area Total |
2,710 |
2,527 |
2,517 |
-7.1% |
|
Santa Cruz |
73 |
68 |
63 |
-14.6% |
|
Santa Barbara |
190 |
174 |
139 |
-26.9% |
|
San Luis Obispo |
98 |
95 |
90 |
-7.3% |
|
Monterey |
107 |
124 |
83 |
-22.4% |
|
Coast Total |
468 |
461 |
375 |
-19.9% |
|
Sacramento |
1,384 |
1,120 |
1,145 |
-17.3% |
|
San Joaquin |
617 |
516 |
625 |
1.4% |
|
Placer |
169 |
181 |
152 |
-9.7% |
|
Kern |
893 |
734 |
666 |
-25.4% |
|
Fresno |
1,024 |
1,020 |
861 |
-15.9% |
|
Madera |
122 |
210 |
114 |
-6.5% |
|
Merced |
191 |
126 |
181 |
-4.9% |
|
Tulare |
606 |
658 |
496 |
-18.1% |
|
Yolo |
122 |
102 |
64 |
-47.7% |
|
El Dorado |
65 |
52 |
81 |
23.3% |
|
Stanislaus |
482 |
366 |
353 |
-26.9% |
|
Inland Total |
5,674 |
5,084 |
4,738 |
-16.5% |
|
All California |
21,006 |
19,514 |
18,673 |
-11.1%
|
Source: DataQuick Information Systems
Media Inquiries: John Karevoll (909)867-9534