House Foreclosures: California Tops House Foreclosure Listings

November 19th, 2007

California, Ohio and Florida has the dubious distinction of having more than two thirds of the top 25 metropolitan region’s house foreclosures listings during the last quarter of this year. According to data provided by one of the best online groups engaged in this work, foreclosure is not restricted to few pockets. 77 out of the 100 metro regions showed more foreclosure listings during the third quarter than the numbers recorded in the previous one. North Carolina, South Carolina, Virginia and Texas are relatively in a better off position.

In Stockton the ratio is 1:31 during the last quarter – this being the highest among the 100 metropolises. In the metro area out of 4,409 units there were 7.116 foreclosure filings. In Detroit, the ratio was 1:33 and it ranked second among the jumbo cities. Out of 16,079 units there were 25,708 foreclosure filings in the third quarter – it being double than what it was in the second quarter.

The metropolitan area of Riverside-San Bernardino, California stood third among the large cities with a ratio of 1:43. There were 31,661 filings against 20,664 properties during the third quarter – a rise of 30% over the second quarter.

Other cities following the top three were Fort Lauderdale, Las Vegas, Sacramento, Cleveland, Miami, Bakersfield and Oakland. The California cities took up seven of the top 25 positions. Florida and Ohio accounted for five of the 25 hot spots.

Riverside-San Bernardino region was the worst hit during the last third quarter. Los Angeles came next with 29,501 filings on 18,043 units – the ratio being 1:113 houses. It stood 26^th among the top 100 jumbo cities. Detroit stood third during the last quarter.

Atlanta came fourth with 21,695 filings on 18,940 units – the ratio being 1:92. It ranked 18^th among the 100 big metro regions. Other top ten contenders were Phoenix, Fort Lauderdale, Cleveland, Chicago, Miami and Sacramento.

Sale of houses in Los Angles County fell by 48.3% in October as compared to October 2006. The prices dived down by 3.8%. In October 4,368 houses were sold – 8,451 less than the previous year in the same month. The average price of property in Los Angeles County was down by $20,000 as compared to October 2006. The sale of houses was 42% less than what it were in the same month the previous year and the lowest in 20 years.

Seeing the trend buyers are hesitating to invest.