Riverside Home Foreclosures Decline - NBC Southern California

Riverside Home Foreclosures Decline

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    Fewer Riverside County households fell into foreclosure last month, corresponding with an overall statewide decline in repossessions, but the number of foreclosures in the county still exceeded the year-ago total by more than one-third, a real estate tracking firm reported today.

    A total of 10,931 mortgage default notices, auction sale notices and bank repossessions were recorded in Riverside County in April -- a 14 percent drop from March, but a 35 percent increase from a year earlier, according to Irvine-based RealtyTrac.

    The month-to-month decline mirrored foreclosure activity across California, where the number of lenders repossessing properties dropped off, according to RealtyTrac CEO James J. Saccacio.

    He said the slowdown is contrasted, however, by a pickup in default filings, suggesting that "many lenders and (loan) servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria."

    "It's likely that we'll see a corresponding spike in (repossessions) as these loans move through the foreclosure process over the next few months," Saccacio said.

    California ranked third in the nation in foreclosure activity last month, with one in 138 households going into default, according to RealtyTrac.

    Nevada was No. 1, and Florida was No. 2.

    Riverside County ranked fourth in the state in foreclosure activity, with 1 in 69 households in default, according to RealtyTrac.

    Madera County had the highest number of households in default, followed by Merced and Stanislaus counties.

    Yuba County, at No. 5, was just behind Riverside County.

    Nearly 3,000 more homes in Riverside County were in default last month compared to April 2008, according to the figures.