California Foreclosure Statistics January 2008-February 2013
by Ted Ricasa on Apr 3, 2013
Between 2008 and 2012, there were more foreclosures in the state of California than in any other state during this span. Indeed, the state has been in crisis mode in terms of foreclosures since 2007. According to an April 2012 report published by the Center for Responsible Lending:
- In California, more than 500 families a day on average have lost their homes since the fourth quarter of 2007.
- In 2011, more than a quarter-million Californian families were served with notices of default, which is the first stage of the foreclosure process.
- Nearly 30 percent of all homeowners in California have mortgages in excess of the current value of their homes. Of these, half are considered “extremely vulnerable” to foreclosure.
- At the end of the fourth quarter of 2011, nearly 700,000 mortgage loans were either in foreclosure or at serious risk of foreclosure.
In February 2013, according to statistics published by DataQuick, foreclosure properties represented 17.5 percent of the existing homes sold during the month. The peak for foreclosure home sales occurred precisely four years earlier, in February 2009. During that month, foreclosure properties comprised 58.8 percent of existing homes sold.
Florida led the nation in terms of rate of foreclosure actions in February 2013, with one out of every 282 housing units – a total of 31,726 homes – being subject to a foreclosure action. By comparison, in California, one out of every 757 housing units – a total of 18,003 homes altogether – was subject to a foreclosure action during the month.
Below is a February 2013 foreclosure rate heat map, courtesy of RealtyTrac®:
If you are facing foreclosure, or you have already received a Notice of the Intent to Foreclose from your lender, and you would like to know more about your rights and options as a homeowner, please contact the real estate professionals of Fast Home Help today.