Foreclosure filings jump substantially last month

RIVERSIDE - Foreclosure filings in Riverside County jumped substantially last month and exceeded year-ago levels by a wide margin, a real estate tracking firm reported today.

A total of 5,969 mortgage default notices, auction sale notices and bank repossessions were recorded countywide in November, translating to 1 in 130 households in some stage of foreclosure, according to Irvine-based RealtyTrac.

Figures showed the number of filings increased 20 percent from October and were up 9 percent compared to a year ago.

Riverside County ranked third-highest in the state in foreclosure activity. Neighboring San Bernardino County was No. 1, with 1 in 119 households in default. San Joaquin County was No. 2, with 1 in 120 households in trouble. Solano County was just behind Riverside, with 1 in 136, while Kern County ranked No. 5, with 139.

Nationally, California remained at No. 2 in foreclosure activity, with 63,689 residences in default. The state's mortgage default rate was 15 percent higher than in October and 11 percent above the year-ago level, in contrast to the overall national trend.

The 224,394 foreclosure filings across the country last month represented a 3 percent decline compared to October and a 14 percent drop from November 2010, according to RealtyTrac CEO James J. Saccacio.

''Despite a seasonal slowdown similar to what we've seen in each of the past four years, November's numbers suggest a new set of incoming foreclosure waves,'' Saccacio said. ''Many of the new defaults that started the foreclosure process over the past few months are now being scheduled for public foreclosure auction.''

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