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Legal Snags Led To Fewer Foreclosures in 2011



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(Sacramento, CA)
Thursday, January 12, 2012

Other than Las Vegas at number one and Reno at number eight, California cities dominate RealtyTrac's year-end top-ten list of metro foreclosure rates.

"Stockton was number two in California, followed by Modesto, Vallejo and Riverside..."

RealtyTrac's Daren Blomquist says Sacramento had the nation's 10th highest foreclosure rate in 2011.

But Blomquist says 2011 foreclosure activity in all of those cities and throughout the state actually decreased from the previous two years. 428,000 properties got a foreclosure notice during 2011.

"That 428,000 is the lowest annual total we've seen since 2007 in California. So we're close to the level of where we were when we started this foreclosure crisis."

Blomquist cautions - this isn't necessarily a sign that the housing market is getting better. He points out many foreclosures have been delayed because of legal issues involved in the process.

Consequently, RealtyTrac says it expects 2012's foreclosure rate will be higher than last year's.

 

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