Foreclosure rates decline across Central Valley


SANTA ANA
October 27, 2011 11:21am


•  All metro areas except one saw a drop in August

•  Foreclosure rates in many areas actually less than national average


Perhaps there just aren’t many home left in the Central Valley that haven’t been foreclosed, but for some reason the rate of foreclosures across almost all of the region declined in August, according to figures Thursday from financial information company CoreLogic Inc. (NASDAQ: CLGX) of Santa Ana.

As in July, the only metro area to see a year-over-year increase was Chico.

Here is how CoreLogic assesses the Central Valley’s foreclosure pace in August:

• Foreclosure rates in Stockton decreased in August over the same period last year, it says.

CoreLogic data reveal that the rate of Stockton area foreclosures among outstanding mortgage loans was 3.57 percent for the month of August 2011, a decrease of 1.22 percentage points compared to August of 2010 when the rate was 4.79 percent.

Foreclosure activity in Stockton was higher than the national foreclosure rate which was 3.43 percent for August 2011, representing a 0.14 percentage point difference.

Also in Stockton, the mortgage delinquency rate has decreased. According to CoreLogic data for August 2011, 10.61 percent of mortgage loans were 90 days or more delinquent compared to 15.25 percent for the same period last year, representing a decrease of 4.64 percentage points.*

• Foreclosure rates in Visalia-Porterville decreased for the month of August over the same period last year.

CoreLogic says the rate of Visalia-Porterville area foreclosures among outstanding mortgage loans was 2.58 percent for August 2011, a decrease of 0.75 percentage points compared to August 2010 when the rate was 3.33 percent.

Foreclosure activity in Visalia-Porterville was lower than the national foreclosure rate which was 3.43 percent for August 2011, representing a 0.85 percentage point difference.

Also in Visalia-Porterville, the mortgage delinquency rate has decreased. According to CoreLogic data for August 2011, 8.11 percent of mortgage loans were 90 days or more delinquent compared to 10.86 percent for the same period last year, representing a decrease of 2.75 percentage points.*

• Foreclosure rates in Bakersfield-Delano decreased for the month of August over the same period last year, according to CoreLogic.

It says that the rate of Bakersfield-Delano area foreclosures among outstanding mortgage loans was 3.12 percent for August 2011, a decrease of 1.17 percentage points compared to August 2010 when the rate was 4.29 percent.

Foreclosure activity in Bakersfield-Delano was lower than the national foreclosure rate which was 3.43 percent for August 2011, representing a 0.31 percentage point difference.

Also in Bakersfield-Delano, the mortgage delinquency rate has decreased. CoreLogic says its data for August 2011 shows that 8.98 percent of mortgage loans were 90 days or more delinquent compared to 13.24 percent for the same period last year, representing a decrease of 4.26 percentage points.

• Foreclosure rates in Hanford-Corcoran decreased for the month of August over the same period last year, says CoreLogic.

The rate of Hanford-Corcoran area foreclosures among outstanding mortgage loans was 2.54 percent in August 2011, a decrease of 0.42 percentage points compared to August of 2010 when the rate was 2.96 percent.

Foreclosure activity in Hanford-Corcoran was lower than the national foreclosure rate which was 3.43 percent for August 2011, representing a 0.89 percentage point difference.

Also in Hanford-Corcoran, the mortgage delinquency rate has decreased. According to CoreLogic data for August 2011, 7.72 percent of mortgage loans were 90 days or more delinquent compared to 10.08 percent for the same period last year, representing a decrease of 2.36 percentage points.

• Foreclosure rates in metro Sacramento, which includes the unincorporated Arden-Arcade area plus the city of Roseville, decreased in August over the same period last year, according to CoreLogic.

Its data reveal that the rate of metro Sacramento foreclosures among outstanding mortgage loans was 2.79 percent for the month of August 2011, a decrease of 0.60 percentage points compared to August of 2010 when the rate was 3.39 percent.

Foreclosure activity in metro Sacramento was lower than the national foreclosure rate which was 3.43 percent for August 2011, representing a 0.64 percentage point difference.

Also in Sacramento, the mortgage delinquency rate has decreased. According to CoreLogic, for August 2011, 8.21 percent of mortgage loans were 90 days or more delinquent compared to 10.70 percent for the same period last year, representing a decrease of 2.49 percentage points.

• Foreclosure rates in Modesto decreased in August over the same period last year, says CoreLogic.

It says that the rate of Modesto area foreclosures among outstanding mortgage loans was 3.43 percent for the month of August 2011, a decrease of 1.18 percentage points compared to August of 2010 when the rate was 4.61 percent.

Foreclosure activity in Modesto is equal to the national foreclosure rate, which was also 3.43 percent for August 2011.

Also in Modesto, the mortgage delinquency rate has decreased. CoreLogic says its data for August 2011 shpw that 9.92 percent of mortgage loans were 90 days or more delinquent compared to 14.43 percent for the same period last year, representing a decrease of 4.51 percentage points.

• Foreclosure rates in Merced decreased in August compared to a year earlier.

CoreLogic says its data shpw that the rate of Merced area foreclosures among outstanding mortgage loans was 3.80 percent in August 2011, a decrease of 1.52 percentage points compared to August 2010 when the rate was 5.32 percent.

Foreclosure activity in Merced was higher than the national foreclosure rate which was 3.43 percent for August 2011, representing a 0.37 percentage point difference.

Also in Merced, the mortgage delinquency rate has decreased. According to CoreLogic, in August 2011, 10.14 percent of mortgage loans were 90 days or more delinquent compared to 16.03 percent for the same period last year, representing a decrease of 5.89 percentage points.

• Foreclosure rates in Madera-Chowchilla decreased for the month of August over the same period last year, according to CoreLogic.

The rate of Madera-Chowchilla area foreclosures among outstanding mortgage loans was 3.46 percent in August 2011, a decrease of 0.79 percentage points compared to August of 2010 when the rate was 4.25 percent.

Foreclosure activity in Madera-Chowchilla was higher than the national foreclosure rate which was 3.43 percent for August 2011, representing a 0.03 percentage point difference.

Also in Madera-Chowchilla, the mortgage delinquency rate has decreased. According to CoreLogic data for August 2011, 9.50 percent of mortgage loans were 90 days or more delinquent compared to 13.70 percent for the same period last year, representing a decrease of 4.20 percentage points.

• Foreclosure rates in Fresno decreased in August over the same period last year, according to CoreLogic.

The rate of Fresno area foreclosures among outstanding mortgage loans was 2.84 percent in August, a decrease of 0.44 percentage points compared to August 2010 when the rate was 3.28 percent.

Foreclosure activity in Fresno is lower than the national foreclosure rate which was 3.43 percent for August 2011, representing a 0.59 percentage point difference.

Also in Fresno, the mortgage delinquency rate has decreased. According to CoreLogic data for August 2011, 8.12 percent of mortgage loans were 90 days or more delinquent compared to 10.87 percent for the same period last year, representing a decrease of 2.75 percentage points.

But as in July, there was one Valley market where foreclosure rates increased, according to CoreLogic – Chico.

• Foreclosure rates in Chico increased in August over the same period last year, according to newly released data from CoreLogi, rising to 2.20 percent of the outstanding mortgage loans.

That’s an increase of 0.09 percentage points compared to August 2010 when the rate was 2.11 percent.

However, even with the increase, foreclosure activity in Chico is lower than the national foreclosure rate which was 3.43 percent for August, representing a 1.23 percentage point difference.

Also in Chico, the mortgage delinquency rate has decreased. According to CoreLogic data for August 2011, 5.82 percent of mortgage loans were 90 days or more delinquent compared to 6.66 percent for the same period last year, representing a decrease of 0.84 percentage points.

Copyright ©2017 Central Valley Business Times
No content may be reused without written permission.
An online unit of BizGnus, Inc.
All rights reserved.