Research firm RealtyTrac says last year California posted
fewer sales of distressed homes.
"…particularly properties in some stage of
RealtyTrac's Daren Blomquist says there were 235,000
foreclosure-related sales during the year…representing 38% of all
sales in California.
"…but that was down from 44% of all sales in 2011, it was
down from 49% of all sales back in 2010."
Despite those decreases, California still had the highest
percentage of foreclosure sales of any other state in the
"But I think with the new Homeowner's Bill of Rights that
we saw take effect in January in California, it's going to shift
the way that the banks are dealing with their distressed loans and
That "shift" Blomquist says will be to increase the number of
short sales in order to avoid the prolonged process of foreclosing
In Sacramento, about 22,000 properties sold as "foreclosures"
"…and that was down 12% from 2011 but it was still 43% of all
sales - so still a high percentage of sales."
Blomquist says the average sales price in the Sacramento area
last year was just over $163,000, up 3% from the previous
Meanwhile, Blomquist says Stockton posted a 15% decrease in
"…but in Stockton, still over 50%...52% of all sales…we're
showing are in some stage of foreclosure so it's still a persistent
problem despite the decrease there."
Blomquist says in Stockton the average price of a foreclosure
has gone up 5% over the last year.