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Area Foreclosure Rates Fell In 2010 But Still Lead US



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(Sacramento, CA)
Thursday, January 27, 2011

Nearly 13,000 properties in Modesto…or one-in-every-14 housing units…got some type of foreclosure filing last year. That could've been a notice-of-default, a bank repossession or an auction notice.

"That's all the bad news. The good news for Modesto, and actually this is true in a lot of the Northern California cities, is we actually did see a decrease in foreclosure activity."

RealtyTrac's Daren Blomquist says Modesto's foreclosure rate fell 13% last year. That's on top of a 13% decrease the previous year.

Blomquist says Stockton's foreclosure rate also plunged last year.

"Nearly 19% from a year ago decrease in Stockton and almost 25% decrease from 2008. Even though it still has a very high foreclosure rate, it's been coming down and heading in the right direction."

The new RealtyTrac figures show the Sacramento area had a 6% drop in foreclosures last year.

Despite the falling numbers Stockton had the country's 7th highest foreclosure rate. Sacramento had the 15th highest.

Blomquist says the foreclosure crisis is likely to get worse this year as high unemployment and lackluster job prospects force homeowners into dire financial straits. 

 

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