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California Posts High Percentage Of Foreclosure Sales

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(Sacramento, CA)
Wednesday, June 30, 2010
Between January and March, half of all the homes that sold in California were foreclosures. Daren Blomquist is with the research firm RealtyTrac which released the numbers:

“In a strange way it’s actually a good sign that we’re seeing a lot of foreclosure sales.”

Because he says even though foreclosures can drag down a neighborhood’s home prices, the more that sell mean fewer to bog down the market.

The foreclosures sales are down 20% from the same period last year. But Blomquist doesn’t expect that downward trend to continue. He says lenders are starting to repossess more homes. That means more bank-owned or REO properties on the market…and high levels of foreclosure sales for another year-and-a-half.

“It’ll take that long for the banks to really clear out their inventory of REOs.”

California has the second highest percentage of foreclosure sales in the country, right behind Nevada.
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