Daren Blomquist is an analyst with the research firm. He says the number of foreclosures in California fell 15% from the previous six-months.
“It looks like the peak in California was around the end of 2009. And we’ve come down consistently from there. But still, California has a very high level and has a lot of those distressed properties to work through and clear out of the market.”
Blomquist says lenders are trying to fend off the foreclosure process with short-sales and loan modifications. But the risk is…if those measures fail, we could see a new wave of foreclosures.