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California's Foreclosure Rate Ranks Fourth Highest

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(Sacramento, CA)
Thursday, July 15, 2010
But when it comes to the rate of foreclosures, California ranks fourth in the country…behind Nevada, Arizona and Florida. Those statistics come from RealtyTrac’s mid-year report.

Daren Blomquist is an analyst with the research firm. He says the number of foreclosures in California fell 15% from the previous six-months.  

“It looks like the peak in California was around the end of 2009. And we’ve come down consistently from there. But still, California has a very high level and has a lot of those distressed properties to work through and clear out of the market.”

Blomquist says lenders are trying to fend off the foreclosure process with short-sales and loan modifications. But the risk is…if those measures fail, we could see a new wave of foreclosures.   
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