State Foreclosures Slow Down

Foreclosures in California in 1994 increased by 13% over 1993, with mortgage lenders repossessing more than 76,000 residential and commercial properties with a combined mortgage value of $15 billion, according to TRW REDI Property Data, a nationwide real estate information company.

The Los Angeles metropolitan area accounted for 76% of all foreclosures in the state compared to 54% in 1990.

Despite the 13% jump in 1994, the foreclosure rate is well below the rate of increase that the state has experienced since 1990. Between 1990 and 1992, at the height of the state’s economic recession, foreclosures increased fivefold.

“Against a backdrop of improving economy and real estate market conditions in California, foreclosures have stabilized,” said Nima Nattagh, TRW REDI’s market analyst.

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Foreclosures in California

Change Change Number $M Number $M 1990 12,393 2,239 1991 22,534 6,031 81.8% 169.4% 1992 41,948 10,839 86.2% 79.7% 1993 67,317 15,325 60.5% 41.4% 1994 est. 76,058 14,960 13.0% -2.4%

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Foreclosures by Region

S. California

No. Change 1990 6,658 1991 15,316 130.0% 1992 30,422 98.6% 1993 50,625 66.4% 1994 est. 58,053 14.7%

Bay Area

No. Change 1990 1,246 1991 2,959 137.5% 1992 5,140 73.7% 1993 7,075 37.6% 1994 est. 7,397 4.6%

Rest of State

No. Change 1990 4,489 1991 4,259 -5.1% 1992 6,386 49.9% 1993 9,617 50.6% 1994 est. 10,608 10.3%

Note: 1994 estimate is based on the first 11 months.