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Robo-Signing Controversy Slows Foreclosures

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(Sacramento, CA)
Thursday, December 16, 2010

Robo-signing…that's when bank employees allegedly signed documents without proper verification in states that process foreclosures through the court system. California isn't one of those states. But RealtyTrac's Daren Blomquist says the state still benefited.

"The robo-signing was specifically related to the judicial foreclosure states but it kind of rippled out to California."

Statewide, foreclosures in November fell 14% from the previous month. And they were down 22% from the same period last year. In the Sacramento area, foreclosures fell 18% from a year ago.

But Blomquist predicts a big spike in the numbers now that lenders have announced plans to resume foreclosures at a more measured pace.

"We believe that's going to translate into high levels of foreclosures nationwide and in California and in Sacramento in 2011."

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