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 foreclosures.
"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
August.
"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
ahead."
"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.