Industry News

Real estate foreclosures rise in Northern California

New York, Arizona follow on Golden State's heels

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Nine Northern California counties reported rising foreclosure rates, Foreclosures.com announced today, with Contra Costa and Alameda counties leading the pack. Contra Costa County saw a 26 percent increase in foreclosure filings from the first quarter to the second quarter of this year, followed by Alameda County with a 22.6 percent rise. Foreclosure activity in Southern California, meanwhile, has been cooling. Filings dropped 3.3 percent in Los Angeles County, about 17 percent in Orange and San Bernardino Counties, and also fell about 10 percent in Riverside County, reported Alexis McGee, president of Foreclosures.com, an investment advisory firm based in Fair Oaks, Calif. "We expect the Southern California trend to reverse in the near to intermediate future," McGee said. "We have the combination of rising interest rates and very high housing cost to income ratios, especially in Los Angeles, Orange County and San Diego, and that mix is putting pressure on overextended home...