Sacramento just missed making foreclosure listing firm
RealtyTrac's dubious top 10 list of U.S. metro areas with the
highest foreclosure rates.
"Sacramento was at number 11 despite an 11% decrease in
foreclosure activity from the previous quarter."
RealtyTrac's Daren Blomquist says foreclosure activity was
also down 22% from a year ago.
But Blomquist says banks are beginning to reopen more
foreclosure cases that were put on hold last fall when
documentation problems came to light.
He points out back before the housing bubble burst, only about
1% of all properties would get a foreclosure notice in the course
of a year.
"Already in just the first quarter it was 1.6%."
If that rate continues, Blomquist says Sacramento is on track
to see around 5% of all housing units receiving a foreclosure
notice by the end of the year.