30 percent fewer properties in January went into foreclosure in Riverside County

RIVERSIDE – Fewer Riverside County properties went into foreclosure last month, and the level of activity was well below that recorded a year ago, a real estate tracking firm said today.

A total 4,810 mortgage default notices, auction sale notices and bank repossessions were recorded countywide in January, translating to 1 in 166 households in some stage of foreclosure, according to Irvine-based RealtyTrac.

The number of filings was 6 percent lower than in December and nearly 30 percent below January 2011, data showed.

The county had the sixth-highest foreclosure rate in the state, according to figures.

Yuba County was No. 1, with 1 in 126 households in default; San Joaquin County was No. 2, with 1 in 140; Stanislaus County was No. 3, with 1 in 143; Calaveras County was No. 4, with 1 in 160; and San Bernardino County was just ahead of Riverside with 1 in 161, according to RealtyTrac.

Nationally, 210,941 properties slipped into foreclosure, a 3 percent increase from December, but 19 percent less than a year ago, according to RealtyTrac.

”We expect the pattern of increasing foreclosures to continue in the coming months, especially given the finalized mortgage and foreclosure settlement reached in early February between 49 state attorneys general and five of the nation’s largest lenders,” said RealtyTrac CEO Brandon Moore.

”The settlement sets forth clear guidelines for lenders and servicers to follow when foreclosing, which should allow them to push through some of the delayed foreclosures from last year.”

California ranked No. 2 in the nation in foreclosure volume last month, with 51,584 filings. The figure was 2 percent less than in December and 23 percent below the year-ago level, according to RealtyTrac.

Nevada had the highest foreclosure rate in the country, with 1 in 198 households in default. Arizona was just behind California, with 1 in 325 households falling behind, figures indicated.

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