Santa Barbara, CA (PRWEB) August 30, 2009
RealtyStore (http://www.realtystore.com), the nation's leading provider of foreclosure listings, released its year-to-date California Foreclosure Report for 2009.
RealtyStore recorded 351,234 Notices of Default (NODs) statewide for the first half of 2009, a 17% jump from NODs recorded in the first half of 2008. Since an NOD is filed by the lending institution when a homeowner falls behind on mortgage payments, NOD filings serve as an indicator of homeowner financial distress in each region.
RealtyStore analysts subdivided California into five main regions: Southern California, the Bay Area, the Central Coast, the Central Valley and Northern California. The Bay area and Southern California continue to show substantial homeowner distress with default growth rates in the double digits (+18% and +20% respectively).
Northern California seems to be hardest hit with a 40% increase in NODs over the same period last year. Plumas County alone shows a 135% increase. The Central Valley shows the least homeowner distress, with NODs only 8% higher.
"With a corresponding increase in REO properties, we're seeing plenty of bargain homes on the market," says Tim Chin, CEO of RealtyStore, while performing a sample search of his site. "In Portcola, CA, for example, a 4-bedroom home is selling for $193,500 at half its estimated market value of $379,500, and a 3-bedroom home in Chilcoot selling for $50,000 below estimated market value."
Southern California reported a total of 204,142 NODs for the first half of 2009, with noticeable spikes in default activity. Los Angeles County alone has 73,558 NODs year-to-date, a 31% upsurge over the first half of last year.
The Sierra Nevada area was heavily impacted: Scenic Mono County, home of the famous Bodie ghost town, more than doubled in delinquent mortgages with a sharp 131% jump. Neighboring Inyo County increased its NOD count by 79%.
Orange County shows a more manageable 25% increase, as does Riverside (+14%), San Bernardino (+11%) and San Diego (+12%).
The Bay Area saw 52,599 defaults - an increase of 18% over the first half of '08. With some of the most expensive homes in the area, San Francisco, San Mateo and Marin Counties felt the highest increases at 53%, 39% and 34% respectively. Santa Clara and Napa Counties also showed noticeable increases, at 27% and 25%.
The Central Coast region appears to be stabilizing, with notices of default increasing only 10%. Santa Cruz saw the most dramatic year-to-date NOD spike at 56%, followed closely by San Luis Obispo with a 35% jump. Santa Barbara County experienced almost no increase at 4%, and Monterey County NODs actually decreased by 9% in the last year.
The Central Valley region shows the smallest change in owner distress. With 79,689 NODs, the region experienced a modest 8% increase from the first half of 2008. San Joaquin, Stanislaus and Merced Counties actually had less NODs year-to-date in 2009 than the year before, a hopeful sign for the economy of the region.
The region with the fastest growing default rate was Northern California, which shows a 40% increase with 5,128 NODs year-to-date. Only Modoc (+6%) and Trinity (+2%) are holding relatively steady, while the remaining Counties are seeing NODs in the double and even triple digits.
About RealtyStore: Founded in 2005, RealtyStore is the fastest growing, most trusted provider of foreclosure listings and information in the nation with over 1 million pre-foreclosure, foreclosure auction, bank-owned, and tax sale property listings. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes extensive property characteristics (including pictures and maps), default and tax information, comparable home values, and neighborhood demographics information. For more information, visit http://www.RealtyStore.com.