Foreclosures up slightly, but well below last year's levels

RIVERSIDE - The number of foreclosure filings in Riverside County edged up last month but remained well below levels of a year ago, a real estate tracking firm reported today.

A total 4,949 mortgage default notices, auction sale notices and bank repossessions were recorded countywide in October, translating to 1 in 157 households in some stage of foreclosure, according to Irvine-based RealtyTrac.

Figures showed the number of filings increased 1.52 percent from September, but were down 24 percent compared to a year ago.

Riverside County ranked seventh-highest in the state in foreclosure activity. San Joaquin County was No. 1, with 1 in 143 households in trouble.

Nationally, California remained at No. 2 in foreclosure activity, with 55,312 houses in default, mirroring a jump in activity throughout the country. The state's default rate was 7 percent higher than in September, but 17 percent below the year-ago level.

RealtyTrac CEO James J. Saccacio said the uptick showed the ''rain delay'' in foreclosures stemming from voluntary suspensions by lenders in late 2010 to clear up problems with document-filing and poor record-keeping was over.

''However, recent state court rulings and new state laws keep changing the rules of the foreclosure game on the fly, creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery,'' Saccacio said.

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