Foreclosure Activity In Riverside County Plunges 16 Percent

RIVERSIDE (CBSLA.com) — Foreclosure activity dropped markedly last year in Riverside County, but the region remains one of the leading foreclosure markets in the state, according to figures released Thursday by a real estate tracking firm.

In 2014, a total 10,850 mortgage default notices, auction sale notices and bank repossessions were recorded countywide, a 16.29 percent drop from 2013 – and 84 percent lower than in 2009, the year market analysts agree was the worst of the Great Recession in many locations.

Irvine-based RealtyTrac's 2014 U.S. Foreclosure Market Report showed Riverside County ranked No. 3 in foreclosure filings last year, behind San Bernardino County at No. 2 and Lake County at No. 1.

Yuba County and Plumas County followed Riverside County at No. 4 and No. 5, respectively, according to RealtyTrac.

The number of Riverside County properties in default last year amounted to 1.36 percent of total housing stock, translating in 1 in 74 homes in some stage of foreclosure, figures showed.

According to RealtyTrac, 1,117,426 foreclosure filings were recorded nationwide in 2014 – an 18 percent plunge compared to 2013.

In California, a total 108,584 properties slipped into foreclosure last year -- 20 percent less than in 2013. The Golden State ranked No. 14 in foreclosure activity. Florida was No. 1 with 206,247 filings, according to RealtyTrac.

The firm's analysts noted that while the trend has been to the downside, foreclosure starts have started to pick up again. In December, default notices were up 14 percent compared to a year ago. Most of the activity, however, was concentrated in 26 states, including Massachusetts, Missouri, Nevada, New Jersey and New York, according to data.

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