Bank Listing Foreclosures in Major Metros Slowed Down

by Peter Vernon on Foreclosures

Bank listing foreclosures slowed down in major metropolitan areas across the country in November last year, according to a foreclosure research firm focusing on the top foreclosure states.

The research firm reported that pre-foreclosure numbers in major metros in South Florida and Southern California and in the cities of Las Vegas and Chicago have started falling in November.

In California, one of the states hardest hit by foreclosures, the pace of foreclosure has been slowing, according to the researchers. The rates of foreclosures in major counties have started to decline, with the foreclosure rate in Los Angeles County dropping to 3.1 percent of all residential units, the rate in Orange County falling to 3.4 percent, the rate in San Diego dropping to 4.3 percent and the rate in San Bernardino falling to 7.3 percent. Riverside County is still leading with 9.3 percent of all its housing units in foreclosure despite the decline in pace.

According to housing analysts, the outlook for Southern California counties is positive because foreclosure activity in the region has been showing a decline of 25 percent on the average over the past 12-month period.

However, the number of residential units at risk of entering bank listing foreclosures in Southern California is still high, with 1,120 housing units in Los Angeles notified of default and trustee sales in November. A total of 1,067 housing units in San Diego, 717 units in Riverside and 505 units in Corona were notified of defaults or trustee sales in November.

In South Florida, the number of lis pendens filings also dropped in November last year compared to lis pendens notices in November 2008. Miami-Dade County posted the biggest number with 1,849 lis pendens; Broward County posted 1,588; and Palm Beach County posted 1,398 lis pendens. The city of Miami posted the highest number among major South Florida cities with 1,048 lis pendens. Palm Beach, West Palm Beach, Fort Lauderdale and Miramar posted 585, 148, 142 and 139 lis pendens, respectively.

Cook County in the Chicago metro area, which is the second biggest county in the country with its over 5-million population, posted more than 4,000 foreclosure filings in November last year. The cities of Chicago, Cicero, Berwyn, Des Plaines and Calumet posted the highest number of filings.

Another major metro area with the biggest number of housing units at risk of entering bank listing foreclosures is Las Vegas. In November last year, more than 5,000 households received default and trustee sale notices.