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Foreclosures Dip In February

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(Sacramento, CA)
Thursday, March 11, 2010
According to new figures out Thursday from research firm RealtyTrac, foreclosures in February were down nearly 5% from the previous month. And compared to February 2009, they were down 15%.

But RealtyTrac’s Daren Blomquist says the numbers don’t necessarily mean fewer homeowners are in distress or at-risk of foreclosure.   

“I mean if you look at the delinquency numbers put out by the Mortgage Banker’s Association which measures people who are behind on their mortgage payments, that’s still at record levels. So there’s this huge pool of people who are at risk for foreclosure. And so we’re very cautious about saying ‘we’re out of the woods.’”

Blomquist credits foreclosure prevention programs and other processing delays for capping monthly foreclosure activity.

Meanwhile, Stockton saw a whopping 42% year-over-year decrease in foreclosures last month…and Sacramento experienced an 11%.
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