California, which saw some of the greatest increases in housing prices, is being hit particularly hard. In October alone the state reported 50,401 foreclosure filings, the most among all states, at a rate of one foreclosure filing for every 258 households, the second highest rate in the country. Though down from a peak of 57,875 in August, these numbers remain more than triple what they were in October 2006. For the three months ended September 30, lenders issued one foreclosure filing for every 88 households in California, easily exceeding the previous foreclosure peak set in 1996.
Foreclosure filings are up across nearly the entire state, but the greatest impact has been felt in the Central Valley and Southern California. Of the cities with the highest foreclosure activity in July through September, five of the top 10 are in California. Stockton ranks number one with one foreclosure filing for every 31 households, while Riverside/San Bernardino comes in third (1:43), Sacramento sixth (1:48), Bakersfield ninth (1:64), and Oakland tenth (1:71). Fresno and San Diego also place in the top 20.
