Three-out-of-four of the nation’s largest metropolitan areas posted year-over-year increases in foreclosure activity in the first half of this year. But Northern California cities are bucking that trend.
Sacramento, Stockton, Modesto, Merced and Vallejo all saw decreases. RealtyTrac’s Daren Blomquist says that’s because those cities were also among the first to get hit by the foreclosure crisis.
“But on the back end they are the first ones to start showing signs of coming out of this high foreclosure cycle. Meanwhile, a lot of the rest of the nation, which is now getting hit with high unemployment, is continuing to see increases in foreclosure activity.”
Still, foreclosure numbers are historically high in Northern California.
RealtyTrac’s mid-year report finds that between January and June, Modesto had the third highest foreclosure rate in the country. Merced came in at number four, Stockton was sixth and Sacramento 14th.
Sacramento, Stockton, Modesto, Merced and Vallejo all saw decreases. RealtyTrac’s Daren Blomquist says that’s because those cities were also among the first to get hit by the foreclosure crisis.
“But on the back end they are the first ones to start showing signs of coming out of this high foreclosure cycle. Meanwhile, a lot of the rest of the nation, which is now getting hit with high unemployment, is continuing to see increases in foreclosure activity.”
Still, foreclosure numbers are historically high in Northern California.
RealtyTrac’s mid-year report finds that between January and June, Modesto had the third highest foreclosure rate in the country. Merced came in at number four, Stockton was sixth and Sacramento 14th.
