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RealtyTrac: Sacramento Foreclosure Rate Volatile

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(Sacramento, CA)
Thursday, June 16, 2011

Foreclosure activity in the region fell 15% between April and May. Daren Blomquist is with the foreclosure listing firm RealtyTrac which compiled the numbers. He says Sacramento's foreclosure rate has been unpredictable for the past 8 months.

"So we'll see this 15% decrease that we saw in May. But I wouldn't be surprised if in June we see the numbers spike back higher."

Blomquist blames the volatility on the so-called "robo-signing" foreclosure documentation problems that surfaced last fall: not only are banks taking longer to foreclosure on homes now, but potential home buyers are nervous.  

"Prices have come down to a point where it does make sense for many buyers to jump in. But what's holding them back is that uncertainty in the market of really what's going on with these foreclosures."

Blomquist says homebuyer confidence could get stronger as soon as next month. That's when the country's top lenders are expected to reach a settlement with the 50 state attorneys general on new foreclosure rules.

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