Los Angeles County foreclosures are not the highest in the state.

ForeclosureRadar^TM has released its foreclosure statistics for June, which the company says are based on actual foreclosure auctions rather than the paper trail that most companies use to report foreclosure activity.

Out of 52 counties in the state of California, Los Angeles County comes in 34th on the ForeclosureRadar^TM ratings after adjusting for population totals, where 1st place is the worst and 52nd place is the best. As noted in previous reports using information from DataQuick, the only area with a high rate of foreclosures within the Los Angeles County area is the City of Palmdale.

The worst in the state was Riverside County, with the highest number of foreclosure sales at 1,093 properties and $523 million in loan value. Yuba, Sacramento and San Joaqin Counties also performed poorly, ranking 2nd through 4th on the ForeclosureRadar^TM list. Marin, San Francisco, Del Norte and Siskiyou were the best, ranking 52nd through 49th, respectively.

"Lenders are building a significant REO inventory. Since January 1, 2007, a total of 29,696 California properties have been returned to the lender for an astonishing total loan value of $12 Billion. This is unprecedented," says ForeclosureRadar^TM founder Sean O’Toole.

Although many homes are being auctioned off on the courthouse steps this year, the majority of them have only the lender as the bidder since they have such high loan balances relative to the actual property values. So far, investors are finding very few bargains in these foreclosure auctions.

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