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Home Foreclosures Down But Expected To Pick Up

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(Sacramento, CA)
Thursday, April 14, 2011
Sacramento just missed making foreclosure listing firm RealtyTrac's dubious top 10 list of U.S. metro areas with the highest foreclosure rates.
"Sacramento was at number 11 despite an 11% decrease in foreclosure activity from the previous quarter." 
RealtyTrac's Daren Blomquist says foreclosure activity was also down 22% from a year ago.
But Blomquist says banks are beginning to reopen more foreclosure cases that were put on hold last fall when documentation problems came to light. 
He points out back before the housing bubble burst, only about 1% of all properties would get a foreclosure notice in the course of a year.
"Already in just the first quarter it was 1.6%."
If that rate continues, Blomquist says Sacramento is on track to see around 5% of all housing units receiving a foreclosure notice by the end of the year.
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