Sunday, 14 April 2024

Foreclosures down from second quarter, up from 2008

THIS ARTICLE HAS BEEN UPDATED.

 

LAKE COUNTY – A recent report on foreclosures noted that the third quarter of 2009 recorded a 23-percent higher foreclosure rate nationwide than the same time a year before, reaching record levels, with even higher numbers posted locally.


The report, issued by RealyTrac, stated that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 937,840 properties across the nation in the third quarter, a 5 percent increase from the previous quarter and an increase of nearly 23 percent from the third quarter of 2008.


That means that one in every 136 U.S. housing units received a foreclosure filing during the quarter — the highest quarterly foreclosure rate since RealtyTrac began issuing its report in the first quarter of 2005, the company reported.


In Lake County for the same time period, one in every 53 housing units had a foreclosure notice, ranking it No. 19 for foreclosures among the state's 58 counties, according to the report.


Approximately 666 Lake County properties had foreclosure filings on them in the third quarter of 2009, a 20-percent drop from the second quarter, when 835 properties had a foreclosure filing, RealtyTrac reported.


The report noted that Lake County's third quarter results, while better than the second quarter, had increased by 41-percent increase over the third quarter of 2008, when 470 properties had foreclosure filings on them.


RealtyTrac reported that, nationwide, foreclosure filings were reported on 343,638 properties in September, a 4 percent decrease from the previous month but a 29 percent increase from September 2008.


And despite the monthly decrease, September's numbers still constituted the third highest monthly total since the RealtyTrac report began in January 2005, following behind July and August of this year.


Nevada had the nation's highest foreclosure rate in the third quarter. One in 23 housing units had a foreclosure filing for a total of 47,925 Nevada properties.


In California, 250,054 properties received foreclosure filings during the quarter. RealtyTrac said California accounted for nearly 27 percent of the nation’s total.


The report explained that California's foreclosure activity decreased nearly 2 percent from the previous quarter due to a 10 percent drop in default notices.


However, scheduled auctions increased 4 percent from the previous quarter and properties taken back by banks increased 12 percent from the previous quarter, the company said.


Due to concerns about a new wave of foreclosures, late last month California Attorney General Jerry Brown called on 10 major banks and loan servicers to detail their plans to assist homeowners who are expecting dramatic monthly payment increases on pay option adjustable rate mortgages, as Lake County News has reported.


A free community workshop for foreclosure prevention and first-time homebuyers will be held at 1:30 p.m. and 5 p.m. Nov. 21 at the Lake County Fairgrounds, 401 Martin St. in Lakeport. Congressman Mike Thompson and Assemblyman Wesley Chesbro will attend, and presentations will be offered in both English and Spanish.


E-mail Elizabeth Larson at This email address is being protected from spambots. You need JavaScript enabled to view it. . Follow Lake County News on Twitter at http://twitter.com/LakeCoNews and on Facebook at http://www.facebook.com/pages/Lake-County-News/143156775604?ref=mf .

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