California Foreclosures Flat
May 31, 2002
La Jolla, CA.--Foreclosure activity edged up in the Bay
Area and remained flat in the rest of the state during the first
four months of this year.
Lending institutions started foreclosure proceedings on
29,730 homeowners during the January-to-April period. That was up
4.9 percent from 28,350 for the same period last year, according
to DataQuick Information Systems.
Last year's count was the lowest for that period that
DataQuick has in it's statistics, which go back to 1992.
Foreclosure activity peaked in 1996 when 59,183 homes were drawn
into the default process. The numbers count Notices of Default,
the first step of the formal foreclosure process.
"Current foreclosure activity is probably about as low as it
can go. When homes go up in value, foreclosure rates go down
because financially distressed homeowners can sell, pay off what
they owe on the home, and walk away with some money. The Bay Area
had flat appreciation for about a year until this spring, but
home values are going up there again, like they are in the rest
of the state," said Mike Ela, DataQuick's president.
The median price paid for a California home last month was
$259,000, up 17.2 percent from $221,000 April 2002.
Bay Area defaults totaled 4,660 so far this year, up 37.6
percent from 3,386 for the same four months last year. Bay Area
foreclosure rates are still relatively low, roughly half the rate
in the rest of the state because homes in low-cost markets go
into default more often than homes in expensive markets.
Three-fourths of the homeowners in default were able to stop
the foreclosure process by bringing their mortgage payments
current, or by selling their home and paying the mortgage off. In
the mid 1990s only half the distressed homeowners were able to do
that.
DataQuick, a subsidiary 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.
In addition to flat foreclosure activity, there is
unremarkable activity among other market stress indicators
including loan-to-value ratios, seller financing and other
unconventional financing usage, shifts in market mix, turnover
rates and non-owner occupancy rates, DataQuick reported.
Notices of Default
recorded on residential property
January to April
|
County |
2001 |
2002 |
%Chg |
| Los Angeles |
8,414 |
8,713 |
3.6% |
|
Orange County |
1,249 |
1,414 |
13.2% |
|
San Diego |
1,269 |
1,405 |
10.7% |
|
Riverside |
2,266 |
2,302 |
1.6% |
|
San Bernardino |
3,242 |
2,776 |
-14.4% |
|
Ventura |
497 |
569 |
14.5% |
|
Southern California Total |
16,936 |
17,178 |
1.4% |
|
San Francisco |
166 |
199 |
19.5% |
|
Alameda |
883 |
1,124 |
27.4% |
|
Contra Costa |
828 |
1,060 |
28.1% |
|
Santa Clara |
621 |
1,058 |
70.5% |
|
San Mateo |
230 |
356 |
54.6% |
|
Marin |
68 |
115 |
68.6% |
|
Solano |
361 |
431 |
19.5% |
|
Sonoma |
163 |
263 |
61.1% |
|
Napa |
66 |
53 |
-20.0% |
|
Bay Area Total |
3,386 |
4,660 |
37.6% |
|
Santa Cruz |
82 |
111 |
34.8% |
|
Santa Barbara |
225 |
215 |
-4.5% |
|
San Luis Obispo |
117 |
148 |
26.5% |
|
Monterey |
142 |
164 |
15.6% |
|
Coast Total |
566 |
638 |
12.6% |
|
Sacramento |
1,752 |
1,476 |
-15.8% |
|
San Joaquin |
805 |
906 |
12.5% |
|
Placer |
228 |
300 |
32.0% |
|
Kern |
1,143 |
1,068 |
-6.6% |
|
Fresno |
1,399 |
1,302 |
-6.9% |
|
Madera |
245 |
210 |
-14.1% |
|
Merced |
233 |
226 |
-3.2% |
|
Tulare |
870 |
890 |
2.2% |
|
Yolo |
146 |
124 |
-15.1% |
|
El Dorado |
96 |
142 |
47.7% |
|
Stanislaus |
544 |
611 |
12.3% |
|
Inland Total |
7,461 |
7,254 |
-2.8% |
| |
|
All California |
28,350 |
29,730 |
4.9% |
|
|
Source: DataQuick Information Systems
Media Inquiries: John Karevoll (909)867-9534