Foreclosure activity fell by more than 30% in August on a
year-over-year basis - the ninth consecutive month of an annual
decrease. But California still had twice the national average in
"California was hit so hard by the foreclosure crisis that
even with the long term downward trend in foreclosure activity the
numbers are still very high."
That's Daren Blomquist with RealtyTrac - the foreclosure
listing service that released the data. He says one in every 340
California housing units received a foreclosure filing in
"I think there's a light far at the end of the tunnel.
California overall, and in most of the markets, we're past the
worst of this. But it's just going to be a bumpy road
"Bumpy" he says because lenders now have more guidelines to
follow in California under the Homeowner's Bill of Rights…and that
may temporarily delay the foreclosure process as banks make sure
they're doing everything by the book.