All Posts tagged Riverside County real estate

Even though the number of foreclosure filings dropped last month in California, a real estate tracking firm has reported that Riverside County had the highest foreclosure rate in the state.  Countywide, 1 in every 208 households was found to be in some stage of foreclosure – REOs, auction sale notices or mortgage default notices – for a total of 3,850.

Even so, the number of filings was still 12% lower than in March – an approx. 28% less than the foreclosure rate in Riverside a year ago.  Nationally, there was a 5% decline in April when compared to March… and 14% less than a year ago.  The tracking firm found that this is the lowest foreclosure rate recorded since July of 2007, before the bubble burst.

Last month, California ranked second in the nation in number of foreclosures – with 39,008 filings.  This was 14% less than the number in March and 30% lower than last year – when  1 in 351 homes were in default in the state.

The highest foreclosure rate nationwide last month was in Nevada, with 1 in 300 homes in default.  California was second, with Florida right behind it with 1 in 364.  Number 4 was Arizona with 1 in 377 and follow that with Georgia at Number 5 with 1 in 398 homes in foreclosure.

Looks like we’re not out of the the foreclosure woods yet . . . could this rise in the foreclosure rate be from banks and mortgage lenders processing the foreclosures faster and more efficiently??