The huge number of single family and multi family foreclosures in most counties of California resulted in the area being ranked high among U.S. states in terms of foreclosures. In terms of local comparison, counties ranked highest in terms of foreclosure activities are revealed in recent housing market statistics.
Because of the big number of foreclosed properties and Merced bank owned homes, the county came in third in the list of California areas with the highest rate of foreclosure activities during the first half of the current year. Merced is behind only top ranked county Stanislaus and second placed Riverside County.
Foreclosed and bank owned homes in California remain some of the highest in the whole country. Locally, Stanislaus County takes the top foreclosure ranking mainly due to the fact that one out of every 22 households in the area is facing foreclosure or is in some phase of foreclosure.
The ratio of households under foreclosure or bank owned foreclosed listings is the same at Riverside County. However, Stanislaus beat Riverside in the number of delinquent homeowners by a small number, hence, the former's ranking as the top county in terms of foreclosure activities.
According to state housing statistics, almost 5% of households in Riverside are facing potential single family or multi family foreclosures during the first six months of 2010. Despite the high ranking of Riverside, the county's foreclosure rate has recorded a decline of 18.5% in the first six months of the current year compared with the latter half of 2009. When compared with the same period of 2009, the decline is over 20%. The top five is rounded up by San Joaquin County and San Bernardino County.
California came in fourth in the nationwide rankings, with the Golden State recording over 340,000 foreclosure filings during the six-month period. The good news though, is that this is a 15% decline when compared with the second half of the previous year and a 13% decline when the first half of 2009 is used as basis for comparison.
Despite the high number of multi family and single family foreclosures in California when compared with other states, local real estate analysts are optimistic about the state's chances for a recovery as current year numbers are significantly lower than 2009 figures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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