California Foreclosure Sales Reach $12 Billion
In First Half Of 2007: Up 95% From January To June
Discovery Bay, CA, July 10, 2007 - ForeclosureRadar™ today released its June 2007 California Foreclosure Report. This unique monthly report includes previously unavailable auction sales data providing a far more timely and accurate picture of California's foreclosure marketplace.
ForeclosureRadar is the first statewide foreclosure information service to track each and every foreclosure auction throughout the state on a daily basis. Other foreclosure listing services rely primarily on documents recorded at the county which delays the reporting of actual foreclosure sales trends by weeks or even months. A total of 6,960 homes were sold at auction in June with a loan value of $2.83 Billion dollars in California. Riverside County had the highest number of foreclosure sales at 1,093 properties and $523M in loan value. Los Angeles County was second in terms of volume, but after adjusting for population, ranked 34th in the State. Yuba, Sacramento, and San Joaquin Counties ranked 2nd, 3rd, and 4th highest respectively with Marin County having the lowest foreclosure rate in California. Foreclosures now represent 16% of all new and resale home sales in the state. According to ForeclosureRadar founder Sean O'Toole, "Lenders are building a significant REO inventory. Since January 1, 2007, a total of 29,696 California properties have been returned to the lender for an astonishing total loan value of $12 Billion dollars. This is unprecedented." In June alone 6,552 properties were returned to the lender for a total of $2.69 Billion dollars.
California Foreclosure Statistics by Country
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