The Housing Chronicles Blog: Where foreclosures are worst

Wednesday, January 23, 2008

Where foreclosures are worst

There's nothing like a good map to show information, again from today's L.A. Times story. So what does this mean? Well, clearly foreclosures are spreading beyond the outlying areas (such as Lancaster or Palmdale) and starting to hit more middle-class and even affluent communities in Orange County and the western San Fernando Valley:

...foreclosures are spreading rapidly into areas that were virtually untouched a year ago. The five ZIP Codes with the sharpest rise were in Altadena, Costa Mesa, Pico Rivera, Anaheim and Long Beach...

Many of the homeowners in default will be able to keep their homes, but the odds of them doing so are diminishing. An estimated 41% of those in default are able to avoid foreclosure by bringing their payments current, refinancing or selling their home to pay off their loan, DataQuick reported. A year ago, 71% of homeowners in default were able to recover.

In Southern California, Riverside County saw the biggest jump in default notices, up 119% from a year ago.

Orange County was a close second, with a 116% increase from the fourth quarter of 2006.

San Bernardino saw a 106% increase, San Diego was up 95%, and Ventura 89%.

Los Angeles County fared better than other Southern California counties, with an 83% increase in defaults.

Finally, from the DQNews website, here's a table summarizing how all California counties are faring:

Notices of Default
houses and condos

County/Region 2006Q4 2007Q4 %Chg
Los Angeles 7,445 13,613 82.8%
Orange 1,983 4,276 115.6%
San Diego 3,150 6,151 95.3%
Riverside 4,528 9,913 118.9%
San Bernardino 3,538 7,288 106.0%
Ventura 794 1,504 89.4%
Imperial 167 401 140.1%
SoCal 21,605 43,146 99.7%
San Francisco 173 334 93.1%
Alameda 1,173 2,573 119.4%
Contra Costa 1,511 3,805 151.8%
Santa Clara 874 2,162 147.4%
San Mateo 339 625 84.4%
Marin 101 224 121.8%
Solano 781 1,793 129.6%
Sonoma 323 968 199.7%
Napa 87 220 152.9%
Bay Area 5,362 12,704 136.9%
Santa Cruz 134 312 132.8%
Santa Barbara 298 563 88.9%
San Luis Obispo 119 291 144.5%
Monterey 291 1,048 260.1%
Coast 842 2,214 162.9%
Sacramento 2,635 5,807 120.4%
San Joaquin 1,293 3,746 189.7%
Placer 540 850 57.4%
Kern 1,044 2,631 152.0%
Fresno 1,059 2,103 98.6%
Madera 130 375 188.5%
Merced 466 1,413 203.2%
Tulare 427 817 91.3%
Yolo 188 363 93.1%
El Dorado 199 304 52.8%
Stanislaus 909 2,594 185.4%
Kings 56 134 139.3%
San Benito 56 232 314.3%
Yuba 130 302 132.3%
Colusa 26 65 150.0%
Sutter 87 210 141.4%
Central Valley 9,245 21,946 137.4%
Mountains* 215 444 106.5%
North Calif* 725 1,096 51.2%
Statewide 37,994 81,550 114.6%
* includes additional counties

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