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Foreclosure Activity Drops Statewide



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(Sacramento, CA)
Thursday, October 14, 2010

Daren Blomquist with the foreclosure tracking firm RealtyTrac says they expect to see a dip in bank repossessions.

"We may see a temporary lull because of the problem with some of the foreclosure documentation. But it may not affect California has much."'

Blomquist says the issue of allegedly faulty foreclosures involves documents that are primarily used in states that have a judicial foreclosure process. And California is a non-judicial foreclosure state.

Meanwhile, RealtyTrac's latest statistics show that foreclosures fell 24% in California between July and September compared to the same period last year. Nationwide foreclosure rates were flat.

"A lot of people are still missing their payments. But the lenders are, especially in California, just taking more time to actually process the foreclosures."

California had the nation's 4th highest foreclosure rate…behind Nevada, Arizona and Florida.

 

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