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Irvine’s RealtyTrac: foreclosures down; hot spots emerge
New areas see a spike in homes lost, while overall numbers have tapered.
By Susan BelknappPublished: October 28, 2009 10:48 AM
Irvine-based RealtyTrac, the leading online marketplace for foreclosure properties, released its third-quarter 2009 Metropolitan Foreclosure Market Report Wednesday. It shows cities in California, Florida and Nevada accounted for the 10 highest foreclosure rates in the third quarter among metro areas with a population of 200,000 or more.
Five of those Top 10 metro areas, however, reported decreasing foreclosure activity from the third quarter of 2008, while many other metro areas with Top 50 foreclosure rates reported sharp increases in activity.
Orange County falls into the region designated Los Angeles-Long Beach-Santa Ana and it ranks 23rd on the national list. In third quarter 2009, the area had 69,403 properties with foreclosure filing. The number accounts for 1.58 percent of housing units, or one in every 63 homes. This indicates a 2.07 percent increase from second quarter 2009 and a 32.38 percent increase from same quarter 2008.
Specific to California, Orange County ranks 28th among counties, with 16,102 filings or one in every 64 homes. This is a 15.39 increase from second quarter and a 30.58 percent increase from third quarter, 2008.
“Rising unemployment and a new variety of mortgage resets continued to gradually shift the nation’s foreclosure epicenters in the third quarter away from the hot spots of the last two years and toward some metro areas that had avoided the brunt of the first foreclosure wave,” says James J. Saccacio, CEO of RealtyTrac. “While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic Alt-A Option ARMs are spreading the foreclosure flood to more metro areas in 2009.”
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Five of those Top 10 metro areas, however, reported decreasing foreclosure activity from the third quarter of 2008, while many other metro areas with Top 50 foreclosure rates reported sharp increases in activity. Orange County falls into the region designated Los Angeles-Long Beach-Santa Ana and it ranks 23rd on the national list. In third quarter 2009, the area had 69,403 properties with foreclosure filing. The number accounts for 1.58 percent of housing units, or one in every 63 homes. This indicates a 2.07 percent increase from second quarter 2009 and a 32.38 percent increase from same quarter 2008. Specific to California, Orange County ranks 28th among counties, with 16,102 filings or one in every 64 homes. This is a 15.39 increase from second quarter and a 30.58 percent increase from third quarter, 2008. “Rising unemployment and a new variety of mortgage resets continued to gradually shift the nation’s foreclosure epicenters in the third quarter away from the hot spots of the last two years and toward some metro areas that had avoided the brunt of the first foreclosure wave,” says James J. Saccacio, CEO of RealtyTrac. “While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic Alt-A Option ARMs are spreading the foreclosure flood to more metro areas in 2009.” NEXT PAGE >> Related headlines Economic forecast: recovery will be bumpy Grubb & Ellis announces $90 million preferred equity transaction O.C. bankruptcy filings rise in September Irvine-based Diedrich Coffee seeks new CEO Santa Ana's Behr reaches settlement with EPA |
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