June foreclosures top 1,000 for a second month
July 16th, 2008, 1:52 pm · 3 Comments · posted by Jeff Collins
(Update II: table added)
DataQuick reported today that a torrent of homeowners continued to lose their homes at near-record rates last month.
Lenders foreclosed on 1,056 Orange County residences in June, DataQuick reported. That’s the second-highest monthly total in records dating back to 1992 and the second straight month in which the total topped 1,000 foreclosures. In May, lenders foreclosed on a record 1,131 O.C. homes.
It was also the second straight month in which foreclosures were more than 1.5 times greater than the 1990s peak of 674 foreclosures recorded in October 1996.
Put another way, last month’s foreclosures outpaced the 1990s level even after accounting for the increase in population and housing here. There were 10.6 foreclosures last month for every 10,000 occupied households in Orange County, vs. 7.6 in October 1996.
In addition, lenders filed 2,282 formal notices of default, a precursor to the actual eviction of residents and repossession of their home. June’s total was the sixth-highest number of default notices on record, with the high totaling 2,598 filed in April.
Homeowners receiving default notices can halt the foreclosure process by paying all their missed payments, plus penalties.
But DataQuick numbers show that a greater proportion of default notices are ending in foreclosures. The ratio of defaults to foreclosures filed in June, for example, was one foreclosure for every 2.2 defaults. That compares to one foreclosure for every 3.6 defaults filed in June 2007 and one for every 35 defaults in June 2006.
And here’s a table:
| Year | 2008 | 2007 | 2006 | |||
|---|---|---|---|---|---|---|
| Month | Defaults | Forec. | Defaults | Forec. | Defaults | Forec. |
| January | 2,352 | 802 | 847 | 153 | 384 | 25 |
| February | 2,254 | 732 | 811 | 164 | 316 | 14 |
| March | 2,476 | 698 | 986 | 204 | 407 | 28 |
| April | 2,598 | 898 | 855 | 234 | 374 | 22 |
| May | 2,468 | 1,131 | 1,021 | 276 | 444 | 37 |
| June | 2,282 | 1,056 | 1,108 | 311 | 462 | 13 |
| July | 1,167 | 367 | 440 | 44 | ||
| August | 1,476 | 469 | 498 | 59 | ||
| September | 1,239 | 444 | 588 | 78 | ||
| October | 1,448 | 530 | 599 | 104 | ||
| November | 933 | 364 | 665 | 102 | ||
| December | 1,895 | 644 | 688 | 121 | ||
| TOTAL | 14,430 | 5,317 | 13,786 | 4,160 | 5,865 | 647 |
More from DataQuick:
- O.C. home prices rise for 1st time in 7 months in June
- June’s O.C. homebuying down for 1st time in ‘08
- Foreclosures power Inland Empire’s June home sales
More on foreclosures:
- 2 of 5 subprime borrowers who got help defaulted again
- Early foreclosure filings dip in June in Orange County
- O.C. foreclosures hit new record in May, break 1,000 in a month for first time
- Buyers see discounts of $250,000 or more on foreclosed homes
- Foreclosure winners and losers
- Foreclosure winners and losers (Google map version)
- Poll: ‘Are foreclosures a bargain to buy?’
July 16th, 2008 at 11:16 pm
What percentage of the defaulters are “real estate investors”? The guys in San Quentin are fit to be tied. They go to jail for stealing
$10,000.00 from banks. ” Real estate investors” steal $250,000.00 from banks and get a free Mercedes.
July 17th, 2008 at 3:16 pm
Can we please get an updated table to compare it to last year?
July 19th, 2008 at 8:13 pm
Matt, Graphix needs all the help he can get pushing his agenda. Please update the table for him!