Foreclosure Rate In Riverside County Highest In California
RIVERSIDE (CBS) — Riverside County had the highest foreclosure rate in the state during the first half of 2011, a real estate tracking firm said Thursday.
Irvine-based RealtyTrac said over 25,900 mortgage defaults, auction sale notices and bank repossession were recorded throughout the county between January and June of this year.
The data translates to 1 in 30 Riverside County households in some stage of foreclosure.
While that number was the highest in the state, the total volume of filings dropped 14 percent over the same period in 2010, according to the latest data.
Neighboring San Bernardino County was ranked fifth-highest in foreclosures statewide.
Nationally, the Riverside-San Bernardino-Ontario metropolitan area ranked fifth in foreclosure filings during the first half of 2011. The number of defaults was down 16 percent relative to the previous six months.
“These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country,” said RealtyTrac CEO James J. Saccacio.
A state-by-state breakdown revealed California had the third-highest foreclosure rate in the United States, with 1 in 51 households in default during the first six months of the year.
Foreclosure filings were down 13 percent statewide compared to the last half of 2010.
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