Thursday, January 15, 2009

We came in third!

Riverside/San Bernardino came in third in the Realtytrac foreclosure chart. The ranking is based on the amount of homes per 100 that went into foreclosure in 2008. We had 8% putting us in third place behind 2nd place behind Las Vegas and first place Stockton. HOWEVER, we came in FIRST place in quantity! First place by a mile. We were the only area to crack 100k. Yea baby, we ARE number one!

    Rate                                      %Housing   from
Rank State Metro Name Total Units 2007
1 CA STOCKTON 21,127 9.46 99.16
2 NV LAS VEGAS/PARADISE 67,223 8.89 121.31
3 CA RIVERSIDE/SAN BERNARDINO 112,284 8.02 117.02
4 CA BAKERSFIELD 16,208 6.17 115.42
5 AZ PHOENIX/MESA 97,684 6.02 220.77
6 FL FORT LAUDERDALE 47,387 5.95 127.81
7 FL ORLANDO 46,843 5.48 195.84
8 FL MIAMI 49,697 5.21 96.46
9 CA SACRAMENTO 39,876 5.20 67.74
Also check out this chart from Piggington's site in San Diego. It's a graph of defaults and foreclosures. You can clearly see the effect of California foreclosure bill AB1137 in Sept. And you can clearly see that the banks are catching up!

Then there is this chart from Mr Mortgage's site also showing the defaults going through the roof even though Countrywide and Freddie/Fannie had stopped for the holidays. Default notices were up 100% from Nov to Dec! (21k in Nov and 41k in Dec)


ButterMonkey said...

About how long from NOD until REO with a for sale sign in the yard? Approx. 9 months?

...just wondering when the better selection is coming. ;)

boxrs4sale said...

The San Diego foreclosure graph that you just posted, is almost identical (to-date) to the subprime/alt-a/option-a reset graph...

My guess is that after this whole thing plays out, it will be a mirror image of the reset chart...