Riverside County had fifth-highest foreclosure rate in state in third quarter

RIVERSIDE - Riverside County had the fifth-highest foreclosure rate in the state during the third quarter of this year, a real estate tracking firm reported today.

A total 14,467 mortgage default notices, auction sale notices and bank repossessions were recorded countywide between July and September, translating to 1 in 54 households in some stage of foreclosure, according to Irvine-based RealtyTrac.

Figures showed the number of filings increased 1.4 percent from the second quarter, but were down 26 percent compared to a year ago.

Solano County ranked No. 1 in foreclosures, with 1 in 51 households in default; San Joaquin County ranked No. 2, with 1 in 52 households in trouble; Yuba County was No. 3, with 1 in 53; and Stanislaus County was just ahead of Riverside, also with 1 in 53 households in default.

On a month-to-month basis, foreclosure filings in Riverside County dropped 13 percent and plummeted 35 percent compared to September 2010.

Nationally, California remained at No. 2 in foreclosure activity during the third quarter, with 153,051 houses in default. That number was 5 percent higher than in the second quarter, but 20 percent below the year-ago level.

RealtyTrac CEO James J. Saccacio said the nominal 1 percent increase in filings nationwide between July and September could signal that the ''the temporary downward trend'' in foreclosure activity ''is about to change direction.''

He noted that the third quarter numbers mark a turnaround after three straight quarterly declines, which Saccacio attributed to lenders voluntary suspending proceedings following allegations that some mortgage lenders had misplaced or mishandled documents in what's been dubbed the ''robo-signing scandal.''

Nationally, Nevada had the highest foreclosure rate between July and September, with Arizona just behind California at No. 3, Georgia at No. 4 and Florida at No. 5.