With one in every 156 housing units receiving a foreclosure filing in October, California posted the nation's second-highest state foreclosure rate for the second month in a row, according to new data released by Irvine's RealtyTrac.
A total of 85,420 California properties received a foreclosure filing during the month, a decrease of 1 percent from the previous month but still nearly 50 percent above the total reported in October 2008.
The state's default notices and scheduled foreclosure auctions were up 120 percent and 73 percent respectively from October 2008, when California foreclosure activity was in the midst of a three-month trough after a law (SB 1137) requiring lenders to give distressed homeowners extra notification before initiating foreclosure took effect in September 2008.
Seven of the top 10 metro foreclosure rates were in California, led by Vallejo-Fairfield at No. 2 and Modesto at No. 3, both with one in every 81 housing units receiving a foreclosure filing. Other California cities in the top 10 were Riverside-San Bernardino-Ontario at No. 4 (one in 83), Bakersfield at No. 6 (one in 97), Merced at No. 7 (one in 100), Stockton at No 8 (one in 116), and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 130).
Nevada continued to document the nation's highest state foreclosure rate -- one in every 80 housing units received a foreclosure filing in October. Florida posted the third highest state foreclosure rate, with one in every 168 housing units receiving a foreclosure filing in October.