Riverside County second-highest in foreclosure rate, filings down by 25%

RIVERSIDE - Riverside County had the second-highest foreclosure rate in the state in 2011, a real estate tracking firm said today.

A total 41,319 mortgage default notices, auction sale notices and bank repossessions were recorded countywide last year, translating to 1 in 19 households -- or 5.3 percent of the county's total housing stock -- in some stage of foreclosure, according to Irvine-based RealtyTrac.

The county had the second-highest foreclosure rate in California in 2010, too. However, the number of filings declined from year-to-year by 25 percent, data showed.

San Joaquin County had the highest statewide foreclosure rate in 2011, with 1 in 18 households in default, according to RealtyTrac.

During the fourth quarter of 2011, Riverside County ranked No. 5 in foreclosures, with 1 in 54 households falling behind on their mortgage obligations. San Joaquin County was No. 1 again, with 1 in 51 households in default, figures showed.

Nationally, there were just under 2.7 million foreclosure filings in 2011, a 34 percent drop compared to 2010, according to RealtyTrac.

''Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,'' said Brandon Moore, RealtyTrac's chief executive officer.

''The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages.''

Moore predicted the volume of filings would expand in 2012, topping 2011, but not exceed the 2010 peak.

California ranked No. 3 in foreclosures last year, recording 428,045 filings, a 21 percent drop compared to 2010. One in 31 households were in default statewide last year, data indicated.

California ranked fourth nationally in 2010.

Nevada had the highest foreclosure rate in the country in 2011, with 1 in 16 households in default. Arizona was just ahead of California, with 1 in 24 households falling behind.