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Riverside County, California ranks number 7 of the top
100 counties in the nation with the highest percentage of households
facing
foreclosure, according to data provided in RealtyTrac's August 2007
U.S. Foreclosure Market Report.
In August, nationwide totals of 243,947 foreclosure filings were
reported , up 36 percent from the previous month and up 115 percent
from August 2006. This is the highest number of foreclosure filings
in a single month that RealtyTrac has reported since it began
issuing the monthly report in January 2005.
The August report also showed a national foreclosure rate of one
foreclosure filing for every 510 households for the month; the
highest national ratio ever issued by the foreclosure tracking
company.
For homeowners in Riverside County the ratio is even more
alarming. One of every 96.27 households in Riverside County is now
facing foreclosure.
California’s foreclosure rate jumped to second highest among the
states thanks to a 48 percent month-over-month spike in foreclosure
activity. The state reported 57,875 foreclosure filings during the
month, a foreclosure rate of one foreclosure filing for every 224
households — more than twice the national average.
With 699474 households and total foreclosure filings in August
reaching 7266, Riverside County is one of 19 counties in California
to make the national list for counties with the highest foreclosure
rates.
Although it is unclear what may have caused foreclosure activity
in Riverside County to spike, one thing is clear. The situation is a
national crises for homeowners with mortgages they can no longer
afford AND an unprecedented opportunity for investors and home
buyers.
The resources listed below may help you protect your home,
lower or cancel your mortgage, or find a new home at a price no one
could have imagined just a few years ago. |
