The number of homes under bank and government foreclosure list remains high in several metro areas in California during the month of July 2010. The good news is that, although several cities in the state occupy top ten rankings in nationwide lists of areas with the highest foreclosure rates, most of these cities recorded declining rates compared with the previous year.
The number of properties under Ontario foreclosure listings remains high for July, with the Riverside-San Bernardino-Ontario region ranked fifth nationally in terms of foreclosure rates. In terms of state rankings, Stanislaus County posted the highest number in California, followed by Riverside County, while San Bernardino came in fourth.
Majority of California foreclosure lists recorded declines in July, although numbers remain high enough to rank several metro areas from the state in the top 10 nationwide. In Stanislaus County, one household for every 102 was in foreclosure in July, while Riverside recorded a ratio of one household out of every 109 receiving at least a default notice.
Properties under foreclosed house lists in Riverside totaled more than 7,000 for July, including those that have been repossessed by banks and households that have received auction notices. July numbers were 3% lower than June 2010 numbers and 41% lower than foreclosure rates posted in July 2009. Riverside was ranked third statewide in June 2010.
Meanwhile, July statistics for Coachella Valley, which has some of the highest number of properties under bank and government foreclosure list in June, have yet to be released. However, June foreclosure numbers in the Valley were down compared with year-ago figures. In San Bernardino County, one household out of every 115 was in foreclosure in July 2010.
According to local market analysts, loan default notices in the whole state declined in July 2010 when compared with the same month a year ago, making it the sixth month in succession that notices of default totals have declined. However, the positive development was offset by thousands of bank repossessed properties which recorded an increase for the eighth month in a row.
In terms of national foreclosure rate, the number of properties under bank and government foreclosure list in the whole U.S. totaled over 325,000 for July 2010. This represents a nationwide increase of 4% compared with June 2010, but also represents a 10% decline compared with June 2009.
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