California Foreclosures Soar To New Records In August

An article focusing on Riverside and San Bernardino’s problems is here:

The highlights are grim:

With 11,485 foreclosure-related filings last month, Riverside County ranked fourth nationally in foreclosure activity, with one filing for every 64 households. San Bernardino County ranked sixth with 9,651 filings, or one for every 69 households.

In Riverside County, total foreclosure-related filings were up 58 percent from a year ago and 39 percent from July, while in San Bernardino County, total filings increased 98 percent from August 2007 and 34 percent from the month before.

Most of the growth was in bank repossessions. There were 4,165 in Riverside County, up 248 percent from a year earlier, and 3,172 in San Bernardino County, up 348 percent.

A press release with national figures on the real estate decline is available here.

The figures are so bad it is hard to wrap your mind around them. In several California counties, 1 in 50 or 1 in 60 households were hit with foreclosure notices in just a single month.