L.A. Foreclosures Dip 6 Percent

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Los Angeles County foreclosures decreased 6 percent in February from the previous month, ending three consecutive months of rising foreclosures, according to RealtyTrac’s Monthly U.S. Foreclosure Market Report.


L.A. County reported 2,673 properties entering some stage of foreclosure in February, up slightly from 2,648 in January. With one foreclosure for every 1,223 households, the county was below the national average and slightly above the state average.


“While this monthly decrease in foreclosures is a positive sign for the Los Angeles area housing market, it doesn’t come close to offsetting the increases from the last three months,” said James J. Saccacio, chief executive of RealtyTrac. “Even taking into account the decrease in February, monthly foreclosure filings have doubled since October of last year.”


The city’s foreclosure rate was lower than foreclosure rates in Chicago, Philadelphia and Dallas-Fort Worth, but higher than the rate in New York City. Except for Chicago, all five metropolitan areas reported fewer new foreclosures in February.


California’s foreclosures fell 3 percent, with 9,110 properties entering some state of foreclosure in February, an 80 percent increase from February 2005. The state had a rate of one new foreclosure for every 1,341 households.


Nationwide, 117,259 properties entered some stage of foreclosures in February, a 13 percent increase from January and a 68 percent increase from February 2005. The rate was one new foreclosure for every 986 households.


Foreclosures in Riverside County jumped 14 percent over January, with one foreclosure for every 571 households. That rate was 1.8 times the national average and 2.4 times the state average.

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