Foreclosure activity in California has been on the rise in recent months. In the first quarter of 2023, there were a total of 6,867 foreclosure starts in the state, up 3 percent from the previous quarter and up 29 percent from a year ago. California also had the most foreclosure starts of any state in the country.
The counties with the most foreclosure starts in California in Q1 2023 were:
- Los Angeles County (1,885)
- San Diego County (1,007)
- Orange County (836)
- Riverside County (701)
- San Bernardino County (659)
The foreclosure rate in California is still relatively low compared to the national average, but it is increasing. In March 2023, the foreclosure rate in California was 1 in every 4,244 households. The national foreclosure rate was 1 in every 1,217 households.
There are a number of factors that are contributing to the rise in foreclosure activity in California, including:
- Rising interest rates
- Rising housing prices
- Job losses
- The end of the CARES Act eviction moratorium
If you are facing foreclosure, there are a number of resources available to help you. You can contact a housing counselor, a bankruptcy attorney, or a nonprofit organization that provides foreclosure assistance.