Inland Empire Real Estate Inland Empire Real Estate - Your Complete Real Estate Services Team Home

Riverside County Foreclosure Report - August 2008

By Admin on October 4, 2008

Riverside County Foreclosure Report - August 2008

 

FORECLOSURERADAR.COM – Riverside County – August 2008

 

In reviewing the foreclosure statistics for Riverside County we found that we continue to be near the peak of the foreclosure activity.  Next month’s report we expect a huge decrease in NOD’s due to impacts of SB1137. For the full impact of SB 1137 on the foreclosure process review our earlier post titled SB 1137 will change foreclosure numbers

The ratio of the NOS’s to NOD’s, with a 90 day lag, continues at an alarmingly high ratio, as it continues at a high rate as it has all year, currently it is at 88% down 5% from last month. (Why a 90 day lag on the data? NOD’s expire and move into NOS’s at 90 days)

The number of NOD’s is near the peak for this year last month at 5,340 a 8.2% increase from last month.

Here is where we break out the crystal ball, we predict the following:

NOS’s for August will be 4,730

NOS’s for September will be 4,490

NOS’s for October will be 4,340,

NOS’s for October who knows due to the effects of SB 1137.

We used 88% of the NOD’s to come up with these numbers with a 90 day lag. Keep in mind that the NOS cure rate is still around 12% so the actual number of foreclosures will be less.

How was last month’s prediction?

We predicted the NOS’s would hit approx. 4,730 in August 2008, they came in at 4,721. Our prediction was close enough to be the same.  We missed the prediction by 9 units.

 

Here is the raw data:

NOD's - Notice of Default

 

Mar

Apr

May

Jun

Jul

Aug

 

2006

 

 

 

 

 

 

 

2007

      2,187

      2,117

      2,320

      2,716

      2,968

      3,609

 

2008

      5,384

      5,221

      5,385

      5,111

      4,935

      5,340

 

2008 % Change M to M

21.0%

-3.0%

3.1%

-5.1%

-3.4%

8.2%

 

2008 % Change Y to Y

146.2%

146.6%

132.1%

88.2%

66.3%

48.0%

 

 

NOS's - Notice of Sale

 

Mar

Apr

May

Jun

Jul

Aug

 

2006

 

 

 

 

 

 

 

2007

      1,242

      1,080

      1,580

      1,423

      1,693

      1,708

 

2008

      3,629

      4,150

      4,447

      4,619

      4,835

      4,721

 

2008 % Change M to M

102.6%

14.4%

7.2%

3.9%

4.7%

-2.4%

 

2008 % Change Y to Y

192.2%

284.3%

181.5%

224.6%

185.6%

176.4%

 

Data Source: foreclosureradar.com - Analysis Empire Realty

 

Here is some new data that tracks median and price per square foot,

Single Family Residences

SFR Only

RIVERSIDE COUNTY

# SFR

Price (1,000)

% chg from Previous Year

$/Sq Ft

Media Price Prior to Present Month % change SFR

Prior to Present Month Change $ Per Sq Ft

Prior to Present Month Median $ Change ($1,000)

Feb 2008

1,386

$307

-24.3%

$151

 

 

 

Mar 2008

1,748

$290

-30.1%

$143

-5.3%

($8)

($17)

Apr 2008

2,219

$284

-30.9%

$138

-3.5%

($5)

($6)

May 2008

2,470

$271

-34.0%

$132

-4.3%

($6)

($13)

Jun 2008

2,842

$263

-33.4%

$128

-3.0%

($4)

($8)

Jul 2008

3,251

$250

-37.0%

$123

-3.9%

($5)

($13)

Aug 2008

3,247

$235

-40.5%

$120

-2.4%

($3)

($15)

Feb-Aug % Change

-21%

Feb-Aug $ Change

$31

Data Source: Data Quick – Analysis Empire Realty

Empire Realty is your real estate source for useful and money saving information.

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing or listing your next home in Upland, Rancho Cucamonga, Alta Loma, La Verne, Mira Loma, Riverside, Corona, Chino, Chino hills, Ontario, Claremont or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.

Why home prices will not stabilize in the Inland Empire any time soon

By Admin on October 4, 2008

Since the beginning of the year foreclosures have been occurring in greater numbers than sales, for both San Bernardino and Riverside counties we have amassed over 7,000 foreclosures that have remained unsold since the beginning of the year.  These numbers will continue to grow as long as the foreclosures are greater than the sales.

Now we move into economics 101, as long as inventory continues to increase sales prices will continue to relax.

RIVERSIDE 2008

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Unsold

Foreclosures

  2,534

  1,486

  3,340

  3,760

  4,068

  4,131

  4,241

  4,130

Foreclosure

Closed Sales