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Report Says California Foreclosure Crisis Will Bottom Out in 2012

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(Sacramento, CA)
Thursday, February 16, 2012

A report from the real estate tracking service RealtyTrac says the number of foreclosures in California is at a 50-month low, but it's starting to rise again. 

California foreclosures dropped to 51 thousand last month...a decline of two percent from December.   Nationally, foreclosures were up almost three percent. 

The service forecasts the number of foreclosures will increase by 25 percent this year nationally, but by only ten percent in California.  Daren Blomquist with Realty Trac says banks suspended many foreclosures last year while negotiating with attorneys general in several states.

BLOMQUIST: "A lot of those that would of under normal circumstances would have happened in 2011 are going to happen in 2012 because of the delays." 

Blomquist says the California foreclosure rate will continue to be lower than the rest of the country because fewer California foreclosures were delayed by negotiations.  

He says the properties cleared from the banks' books will eventually start to help the housing market recover.   

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