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FORECLOSURE: 10-year low in filings in November

FORECLOSURE: 10-year low in filings in November

FORECLOSURE: 10-year low in filings in November

image0-FORECLOSURE: 10-year low in filings in November

Top Five Foreclosure States


New Jersey




(Source: RealtyTrac, November 2015)

Foreclosure volume trailed to a whisper in November, a new report shows.

The Irvine-based real estate tracking firm RealtyTrac report Thursday said the number of foreclosure starts across the nation in November also has not been this low in 10 years.

There were a total 104,111 properties receiving a foreclosure-related filing November in the U.S., such as a default notice, scheduled auction notice or statement of repossession. That’s down 9.5 percent from October and down 7.4 percent from November 2014, according to RealtyTrac.

Of that batch, 41,208 properties got a notice of default, flagging the beginning of a foreclosure process by a bank or lender, the lowest monthly total since May 2005, the report says.

Daren Blomquist, vice president of RealtyTrac, said the statistics now show the share of active foreclosures tied to bubble-era loans is shrinking.

How did the Inland region fare?

The Inland region had a total 1,686 filings in November. That’s down 20 percent from October and down 18.4 percent from November 2014. “We’re done with the crisis,” Blomquist said.

“Now, the story is about the normal level of distress you would see in any healthy housing market,” he said.

In 2006, before the bubble burst, the Inland region was sending 1,875 foreclosure-related filings a month, on average, to mortgage-holders. “We’re now seeing lower than pre-crisis numbers,” Blomquist said.

There were 894 total filings in Riverside County to advise property owners the foreclosure process had begun, an auction had been scheduled or the bank had taken back their housing unit. That’s down 22.8 percent from October and down 24.9 percent from November 2014, the data say. There were 792 filings in San Bernardino County, down 18.3 percent from October and down 9.4 percent from November 2014.

There still is a disproportionate share of active foreclosures in the marketplace across the U.S., Blomquist said, but the percentage tied to bubble-era loans is shrinking.

Today, 59 percent of all loans in foreclosure originated between 2004 and 2008. Two years ago, 75 percent were tied to those bubble years. In the Inland region, 62 percent of active foreclosures were linked to bubble-era mortgages.

Contact the writer: 951-368-9423 or dgruszecki@pe.com

Press Enterprise : Real Estate